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Int. on capital

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(Querist)
19 December 2014 dear all,
in a partnership firm capital of one partner on 01.04.13 was 4550300 credit balance and on 28.02.14 was 700000 debit balance (total drawing during the year 5250300)

now my Question is what is interest on capital amount and why? (calculation method)
what is allowed amount by income tax for int. on capital?

Thanks in advance for all
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
19 December 2014 int is not decided by the it act by the partners in deed.
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surinder

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surinder (Querist)
24 December 2014 If 12% in deed than?




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