Regarding sec 40-a(2)
This query is : Open
Mehul patel
(Querist)
09 January 2012
Is there any specification regarding rate of interest for payment to depositors or relatives? and if yes then is it necessary that rate of interest for family members an other depositors should be same?
CA Nikhil Bhansali
(Expert)
11 January 2012
Not necessary. if you can prove assessee in urgency of fund and so he took loan at higher rate of Interest. But rate should within justifiable limit
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