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Law rate of interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 January 2014 DEAR SIR


IF I GIVE LOAN TO PRIVATE PARTY AND CHARGE 9% INTEREST ON GIVEN LOAN WHETHER IT IS WRONG IN INCOME TAX LAW IF I CHARGE 9% RATE ?

THANKS & REGARDS

YASHIL
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CA. SHIVA SHANKARA R. SHETTY

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CA. SHIVA SHANKARA R. SHETTY (Expert)
01 January 2014 You can charge up to SBI Bank prevailing Interest rate. For example, if SBI current rate of interest rate is 12% then you can charge to your party up to 12%. However, you can add additional 2 to 5 percent depends on your risk taking critieria.
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@VaibhavJ

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@VaibhavJ (Expert)
01 January 2014 Hi

No its not wrong if you charge 9% it is fair enough.

Thanks
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