Any one can tell me what would be the maximum rate of interest for the money borrowed from a relative for the construction or acquisition purpose? as there is no limit on deduction of interest on borrowed capital for construction/ acquisition on the property let out, whether the capital can be borrowed from a relative having income less than maximum exemption limit for tax planning purpose???
Rate of interest of borrowed capital
CA Mukul Mittal (CA in practice) (384 Points)
02 August 2011