Regarding 15g/h

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2015 Sir,

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.

Gaurav Jain

Gaurav Jain (Expert)
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06 April 2015 15G/H can be issued to only banks ( Though budget, 2015 has added some more provisions, but it yet to be applicable)

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2015 Gaurav ji, you didn't understand my question, please read it again.
i asking about interest receiving on unsecured loan, not talking about bank's interest

Asha Kanta Sharma

Asha Kanta Sharma (Expert)
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20 July 2025 Here’s the situation with Form 15G/15H for your uncle paying interest on an unsecured loan:

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.

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