Allowability of interest paid to bank
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 January 2013
interest paid to bank by a regd, partnership firm. Loan taken against mortagage of property of partners and other family members of the partners. Whether firm can claim benefit of interest paid to bank?
CA PARAS BAFNA
(Expert)
19 January 2013
Where loan amount has been utilised for the purpose of business of the firm, interest on loan can be claimed as an expense.
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