income tax
This query is : Resolved
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
16 July 2009
No.
It is not applicable since it is Interest on Loans.
It is not applicable since it is Interest on Loans.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
