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Posted on 11 September 2009
Substantial Interest has been defined u/s 13 of Income tax act.
An individual is deemed to have a substantial interst if he individually or along with his relatives beneficially holds equity shares carrying not less 20% of the voting power in the case of company or is entitled to not less than 20% of the profits , in the concern, other than a company, at any time during the previuos year
For this purpose realtive means husband, wife, brother, sisiter or any lineal ascendant or descendant of that individual.
hope its clear now