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Interest from firm

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(Querist)
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?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
28 November 2017 Try the interest payment as a deduction u/s 57.
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Pankaj Arora

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Pankaj Arora (Querist)
28 November 2017 what do u mean by try? is not interest deduction allow?
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Pankaj Arora

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Pankaj Arora (Querist)
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.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
29 November 2017 Please ignore my observation made on a mistaken understanding of the query.
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