Law rate of interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 January 2014
DEAR SIR
IF I GIVE LOAN TO PRIVATE PARTY AND CHARGE 9% INTEREST ON GIVEN LOAN WHETHER IT IS WRONG IN INCOME TAX LAW IF I CHARGE 9% RATE ?
THANKS & REGARDS
YASHIL
IF I GIVE LOAN TO PRIVATE PARTY AND CHARGE 9% INTEREST ON GIVEN LOAN WHETHER IT IS WRONG IN INCOME TAX LAW IF I CHARGE 9% RATE ?
THANKS & REGARDS
YASHIL
01 January 2014
You can charge up to SBI Bank prevailing Interest rate. For example, if SBI current rate of interest rate is 12% then you can charge to your party up to 12%. However, you can add additional 2 to 5 percent depends on your risk taking critieria.
01 January 2014
Hi
No its not wrong if you charge 9% it is fair enough.
Thanks
No its not wrong if you charge 9% it is fair enough.
Thanks
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