Interest rate for loan to spouse--Section 64 (iv)/(vii)
This query is : Resolved
05 July 2008
Will it be ok to use the interest rate of 8% for 1 year loan to spouse in today's market scenario for IT computation?
The intention is to use adequate maximum rate. Exact scenario is given below :-
Husband's(H) gross income is higher than wife's gross income. Wife(W) gives her professionally earned money to Husband (H)as loan. H opens FD with bank. Bank deducted TDS with H PAN.
The intention is to use adequate maximum rate. Exact scenario is given below :-
Husband's(H) gross income is higher than wife's gross income. Wife(W) gives her professionally earned money to Husband (H)as loan. H opens FD with bank. Bank deducted TDS with H PAN.
06 July 2008
If H is able to establish the characteristics of loan from W it is ok to treat it as such.
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