Accounting treatment
This query is : Resolved
Quick Summary
shadab shaikh
(Querist)
13 March 2020
Can repayment of interest for loan taken by business from relatives/friend be treated as indirect expense of the business?
CA R SEETHARAMAN
(Expert)
14 March 2020
Yes it's indirect expenses.
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shadab shaikh
(Querist)
14 March 2020
thank you sir
CA Kaushal Sharda
(Expert)
14 March 2020
Agree with CA R SEETHARAMAN sir
CA R SEETHARAMAN
(Expert)
14 March 2020
Welcome................
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15 March 2020
Yes but the rate of Interest has to be at Arms Lenght/ reasonable rate to prevailing general market & not exhorbitant, Else excess will be disallowed
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