What is the maximum rate of interest on deposits got from relatives in partnership fim
Mohammed Rafi (Article Assistent) (45 Points)
30 May 2013What is the maximum rate of interest on deposits got from relatives in partnership fim
Anshul Mittal
(Freelancing)
(741 Points)
Replied 30 May 2013
There is no maximum limit on how much Interest you can charge or receive from relatives. neither there is Max Interest rate cap given.
Its just if u r giving Interest at a higher rate then that is prevailling in the Market,, in this case u have to disclose the reason.
In audit report we provide an statement of Related party transaction U/s 40A(2) as per Income Tax act, 1961.
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