Interest from Family Member
Hitesh rawal (402 Points)
10 April 2019Hitesh rawal (402 Points)
10 April 2019
Shloka Madhavan
(Teacher)
(301 Points)
Replied 11 April 2019
Not necessary, unless the same is likely to be treated as bifurcation of income.
kajol
(Executive)
(201 Points)
Replied 11 April 2019
The annual limit for tax-free gifts to individual family members is $14,000, so especially in situations where your loan is going to tip you beyond that point, the minimum interest you'll want to charge is the IRS Applicable Federal Rate. They're also significantly lower than interest rates a bank would charge
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)