income tax
This query is : Resolved
GIRISH D.P
(Querist)
16 July 2009
A,B and C are three members of a(HUF).They also are the partners of ABC&Company,partnership firm X(HUF)deposits Rs 90,000 in ABC&company(interest rate being 15%). On April 1,2008 there is a partial partition of HUF and thereafter Rs 90,000 is divided among the partners equally.That is form 1.4.2008,deposit of Rs 90,000 is transferred in the individual names of A,B, and C and the Firm pays interest on deposit to the individual partners.Is Section 40(b) is attracted in the above subject matter.
Pls give me Advice regarding this..
GIRISH
Pls give me Advice regarding this..
GIRISH
CA Nitin Wadhwani
(Expert)
16 July 2009
No.
It is not applicable since it is Interest on Loans.
It is not applicable since it is Interest on Loans.
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