Loan to father
This query is : Open
11 February 2021
I am an Nri.
I gave a loan to my father in INR through bank transfer which he imvested in share trading. He will be paying interest at 14 % to me by bank transfer.
Is an agreement needed for this loan for income tax purposes?
If so is agreement in paper enough?
Should it be registered?
I gave a loan to my father in INR through bank transfer which he imvested in share trading. He will be paying interest at 14 % to me by bank transfer.
Is an agreement needed for this loan for income tax purposes?
If so is agreement in paper enough?
Should it be registered?
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