Int on Capital in absence of any clause in deed
This query is : Resolved
Quick Summary
02 July 2020
We are a partnership firm of two partners. One partner has contributed more than 3/4th capital. In absence of any clause in partnership deed regarding interest on capital, can we give interest on capital to only one partner who has contributed most. This is will be as per mutual understanding of both partners, since profit of firm is very less , it being first year of the firm. Please advise. Thanks in advance
CA Ankith Jain
(Expert)
03 July 2020
As there is no specific mention in the deed about the interest on capital, hence you cannot withdraw the same.
22 July 2020
Sir if there is a clause in partnership deed of Interest on Capital of maximum of 12%, Is it mandatory to withdraw interest on capital ?
CA Ankith Jain
(Expert)
25 July 2020
No it is not mandatory.
You could mail to caankithjain@gmail.com for any further queries.
You could mail to caankithjain@gmail.com for any further queries.
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
- Tax on Amount transferred in HUF Account
- Nursery business
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- ETDS return q4 25-26
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
