Loan from wife and sons
This query is : Resolved
23 July 2014
Sir
In sole properietorship concern whether the properietor can take loan from wife and sons who are doing job
Whether he can also give interest to wife and sons and claim deduction
what should be interest% is there any income tax rule in this regard or it is their own will
In sole properietorship concern whether the properietor can take loan from wife and sons who are doing job
Whether he can also give interest to wife and sons and claim deduction
what should be interest% is there any income tax rule in this regard or it is their own will
23 July 2014
Yes the proprietor can take loan from wife & sons in the concern & can also claim deduction on it. Rate of interest is as per mutual agreement & IT Act does not specify any rate in this regard.
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