Deduction from income from partnership firm
This query is : Resolved
15 August 2012
If an individual has taken an unsecured loan and invested the entire amount in a partnership firm as capital, can he claim the interest paid on unsecured loan as deduction from the remuneration & interest received from the partnership firm or only from the interest received from the partnership firm?
Kindly help !
Kindly help !
15 August 2012
Normally NO is the answer. No expenses can be claimed against the remuneration from partnership firm. Although it is taxed as income from business, the character of income per se in not income from business.
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