Interest on loan
This query is : Resolved
18 October 2012
I have a proprietorship Firm having turnover of Rs. 2 Crore. I have taken loan from my family member(Brother) in my business. Is it necessary to pay interest on loan?
18 October 2012
there is not problem in not paying the interest, problem is when you pay more interest than the normal practice which attracts rules of section 40 A2
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