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40(b)

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(Querist)
14 June 2014 if in partnership deed interest on capital allowed is 8% & firm pays 12% interest during FY which is threshold limit u/s 40(b).
Whether firm is eligible to get deduction of excess 4%?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
14 June 2014 the ans is no as the 12% is max allowed but when in deed its 8% then only that much will be allowed.

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