https://www.taxtmi.com/forum/issue?id=120953 Short-term interest-free loan received from parents and repaid within two months is generally not treated as taxable income merely because no interest is charged. A genuine family loan, supported by a banking trail and simple documentation showing the amount, date, and repayment terms, does not ordinarily require a gift deed. The amount should be recorded as a loan rather than a gift if repayment is intended, and proof of repayment strengthens the position that the transaction is not a disguised gift. For the parents, only actual interest received or accrued would ordinarily be taxable as interest income; no notional interest is generally brought to tax in the absence of a specific deeming provision. en-us Tue, 09 Jun 2026 01:19:23 +0530 Tue, 09 Jun 2026 22:30:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=120953 Short-term interest-free loan received from parents and repaid within two months is generally not treated as taxable income merely because no interest is charged. A genuine family loan, supported by a banking trail and simple documentation showing the amount, date, and repayment terms, does not ordinarily require a gift deed. The amount should be recorded as a loan rather than a gift if repayment is intended, and proof of repayment strengthens the position that the transaction is not a disguised gift. For the parents, only actual interest received or accrued would ordinarily be taxable as interest income; no notional interest is generally brought to tax in the absence of a specific deeming provision. Discussion-Forum Income Tax Tue, 09 Jun 2026 01:19:23 +0530 https://www.taxtmi.com/forum/issue?id=120953