What is the maximum rate of interest on deposits got from relatives in partnership fim
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Maximum rate of interest
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There is no maximum limit on how much Interest you can charge or receive from relatives. neither there is Max Interest rate cap given.
Its just if u r giving Interest at a higher rate then that is prevailling in the Market,, in this case u have to disclose the reason.
In audit report we provide an statement of Related party transaction U/s 40A(2) as per Income Tax act, 1961.
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