If i give interest free loan for a period of 5 years to a freind using a promissory note for the amount of 12 lakhs for his personal use ..do i or my freind have to pay tax return for it ?
will a promissory note be enough ?
You will have to declare it to the income tax. It is taxable
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i thought loans to a freind were supposed to be tax free for both the lender and the borrower..if the loan was given interest free..
can some one please clarify
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