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Loan Repayment Related

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(Querist)
07 October 2010 Dear Sirs,

My father (Sr.Citizen, not linked to the firm) intends to take loan against equity & invest in a partnership firm for a limited period of time. Will the firm be required to cut TDS at the time of repayment to him.

If yes under what section.

Rg/-
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UMA SHANKER SHARDA

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UMA SHANKER SHARDA (Expert)
09 October 2010 Yes, if interest exceeds to thrshold limit i.e. Rs.5000.00 U/s 194A. If total income of your father is below taxable, than he can submit form 15G for non deduction of tax at source.
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S. Chowgule

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S. Chowgule (Querist)
09 October 2010 Thank you very very much sir.
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