Tax angle

Tax return has got nothing to do with a promissory note. e.g. question is that if you had 12 lakhs in your own account will you be paying tax return? If the answer is yes then it means that your friend will also be paying the tax return. However if initially you are not paying tax return then the same will apply to your friend. I hope this helps. KS Johal

Tax return has got nothing to do with a promissory note. e.g. question is that if you had 12 lakhs in your own account will you be paying tax return? If the answer is yes then it means that your friend will also be paying the tax return. However if initially you are not paying tax return then the same will apply to your friend. I hope this helps. KS Johal

 

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..

plz clarify..