(URGENT)Exemption on Loan to friends and relative

[Asked by Guest]

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.

AI Summary

Exemption on interest-free loans: whether advances to friends or relatives qualify for tax deduction or fall under deduction limits.
A taxpayer advanced interest-free loans to a friend and a relative and asks whether those advances qualify for any tax exemption or deduction, whether they fall within the taxpayer's deduction ceiling under commonly relied deduction provisions, what proof is required to claim exemption or deduction, and how to disclose or claim this on ITR 1 which lacks a specific column for such claims.