Interest on borrowed fund in individual capacity in firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 November 2013
when funds are borrowed in partner individual capacity and invested in the firm , also firm earn profit which is exempt u/s 10 (2) , can interest paid on the borrowed fund which is contributed in firm as a capital claim for the deduction? or to claim the deduction on borrowed fund by partner in his individual capacity , what should be do for taxplanning under income tax act?
17 November 2013
problem is that since both:
1. income of the firm under 10(2)
and
2. income of the partner from the firm
are tax exempt
So it doesn't matter who claims the expense, it won't reduce the tax liability.
So why bother.
1. income of the firm under 10(2)
and
2. income of the partner from the firm
are tax exempt
So it doesn't matter who claims the expense, it won't reduce the tax liability.
So why bother.
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Small dealers gst returns filing
- Free lancer income
- LTCG for Assmt year 26-27
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
