Dear Sir,

Ours is a partnership firm consisting of 5 partners, two partners have purchased LMV wherein the firm is a Co-borrower, All the documents are named personally in partners name. Even the loan financed by the banks are in the name of Partners but only the instalment gets debited in firms CC account. the question is
1. Will this purchase be considered as purchase of the Firm? "Non of the documents and in the name of the firm"
2. The instalment which is subject to interest on loan subject to TDS should this TDS be deducted by the firm and make the payment and issue the TDS certificate to the bank (But the loan schedule is named in the personal name of partners) only a counter signature withthe seal of the firm is there on the loan agreement.
3. Should this instalment payment be debited to partners capital account?

Sir, please reply to this. Its a big issue in my firm as on date.

Thanking you in advance

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