Interest free loan from non-relative, Income Tax

[Pradeep Gupta]

Whether interest free loan taken from a non-relative, would be included in income of the receipient. Pl give any case laws or authoritative opinion, if any. If yes, pl suggest the ways to overcome the same. (Pradeep Gupta)

Posts / Replies

[Surender Gupta]

If it is returnable over a certain period, such loan shall not be included in the income. However, in case it is one time transaction, the same shall be taxable.

[Hanumanthaiah D.T]

Service tax liability in case of Franchise agreement - whether the francisor is liable to pay service tax in case even if franchisee are paying service tax