My father (Sr.Citizen, not linked to the firm) intends to take loan against equity & invest in a partnership firm for a limited period of time. Will the firm be required to cut TDS at the time of repayment to him.
09 October 2010
Yes, if interest exceeds to thrshold limit i.e. Rs.5000.00 U/s 194A. If total income of your father is below taxable, than he can submit form 15G for non deduction of tax at source.
CAclubindia
