Interest from firm
This query is : Resolved
28 November 2017
Mr. A has contributed Rs. 1 Lakh to XYZ a partnership firm, as per partnership deed he is entitles to received interest @ 12%P.A.
My query is Mr. A has contributed Rs. 1 Lakh by taking a personal loan from bank. While filing ROI can he claim interest paid to bank against interest income from firm?
My query is Mr. A has contributed Rs. 1 Lakh by taking a personal loan from bank. While filing ROI can he claim interest paid to bank against interest income from firm?
28 November 2017
Try the interest payment as a deduction u/s 57.
28 November 2017
what do u mean by try? is not interest deduction allow?
28 November 2017
sir, but as per section income from partnership firm to be treat as business income u/s 28 so how can i claim deduction for interest paid on borrowed capital u/s 57.
29 November 2017
Please ignore my observation made on a mistaken understanding of the query.
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