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income tax

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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
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NITIN

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NITIN (Expert)
16 July 2009 Yes it is applicable
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
16 July 2009 No.
It is not applicable since it is Interest on Loans.
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