If I take loan of 50 lakhs from bank, should I pay tax on this amount, If I should how much should I pay...!!!
Asked on 5/22/14, 5:26 am
2 Answers from Attorneys
Rajiv Chandhok Ph: +919810050896
https://www.linkedin.com/in/rajiv-chandok-0827b733/
no tax is payable
Answered on 5/22/14, 5:38 am
Rohini Kumar Tenneti
R.K.1080 LEGAL SERVICES
Since loan taken by any borrower is not taxable but the amount of EMIs or whatever paid on the loan taken,would be treated as income,so it may be taxable subject to deductions and exemptions under the IT act.
Answered on 5/22/14, 9:45 pm
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