Regarding 15g/h
Querist : Anonymous
I gave unsecured loan to my Uncle who is operating business and giving Interest annually. Should my uncle issue a 15G form on giving interest. His business turnover is below then 1 crore but he is auditing by CA.
Querist : Anonymous
i asking about interest receiving on unsecured loan, not talking about bank's interest
Key points:
Who can submit Form 15G/15H?
Form 15G is for individuals (below 60 years) and HUFs with income below taxable limit.
Form 15H is for senior citizens (60 years and above) with income below taxable limit.
Who should submit Form 15G/15H?
The recipient of the income (i.e., you, the lender) submits Form 15G/15H to the payer of interest (your uncle).
In your case:
You have given an unsecured loan to your uncle’s business. Your uncle is paying interest to you.
Since your uncle is paying you interest, you (the lender) need to submit Form 15G/15H to your uncle if you want to avoid TDS deduction on interest income.
Your uncle cannot issue Form 15G/15H — only the recipient (you) can submit it.
Does your uncle's audit status matter?
No, the audit status of your uncle’s business does not affect the applicability of Form 15G/15H.
It depends solely on the recipient’s income and eligibility criteria.
Summary:
You (lender) submit Form 15G/15H to your uncle (payer) to avoid TDS on interest.
Your uncle deducts TDS on interest paid unless he receives valid Form 15G/15H from you.
Click here to login now
Similar Resolved Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Tax liability on income of freelancer
- Loan by Partnership Firm
- TDS related Query_Liquidated Damages
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
