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Loan v/s gift

(Querist) 24 July 2012 This query is : Open 
Dear Sir/madam,
An assessee has received some loan from some person on which no interest has been charged by the party. Can the A.O treat the same as gift received and charge it under other sources. OR
There is no problem if the loan taken is shown in the books without any interest liability.
Thus it arises an important question that whether every loan taken or given has to bear interest.
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