I gave interest free loan to my friend and relative of around 1 lakh this year and last week I got to know that I can claim tax exemption on this. As of now I submit ITR-1 for return but I dont see any column to claim exemption for this in ITR form.
So can someone please advice me how to claim tax exemption for this and does it come under 1.5L limit of 80C . Also what proof do I need to submit for exemption.
Seeking Advice on Tax Exemption for Interest-Free Loan Under Section 80C: Process and Proof Needed An individual inquired about claiming a tax exemption for an interest-free loan given to a friend and relative totaling 1 lakh. They currently file an ITR-1 form and are unsure how to claim this exemption, questioning whether it falls under the 1.5 lakh limit of Section 80C. They seek advice on the process and the necessary proof required for claiming such an exemption. (AI Summary)
TaxTMI 
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