Interest free loan ; minnimum interest to be charged on loan for my real brother or husband
This query is : Resolved
06 July 2022
I want to give my brother a loan via BANK TRANSFER ; can i give him a loan without charging any interest ; or can my brother take a loan from his wife without interest ;
Plus will i have to get a loan agreement made if the loan is given via BANK
And IF NOT ; than what is the minnimum to minnimum interest rate which should be charged from my brother for the loan me or his wife giving him...
Pls help
Thanxx
Plus will i have to get a loan agreement made if the loan is given via BANK
And IF NOT ; than what is the minnimum to minnimum interest rate which should be charged from my brother for the loan me or his wife giving him...
Pls help
Thanxx
07 July 2022
No need to charge any interest for loan given to relatives.
If you want to charge it is 12%.
If you want to charge it is 12%.
07 July 2022
Thanx for the answer ; but is 12% the minnimum rate cant we give at an interest of 6% ; and if i didnt charge any interest from my brother so at the time of scrutiny will it be added to my income by AO ?? And if yes than at which rate will AO calculate the interest amount
07 July 2022
Don't charge any interest AO will not question.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Form 10BD Filling
- Eway bill for machinery reparing
- TDS ON CASH WITHDRAWALS...
- Query regarding TDS on EPFO Higher Pension Arrears*
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
