Interest on capital
This query is : Resolved
TELUGU SATYANARAYANA
(Querist)
18 August 2015
can any one pls help me. whether interest on capital should be credited to partners in partnership firm which was formed in sep 2014. Where the partners purchased land for 1 cr. in jan 2015 and no transactions were done during the last fin. year. now we r filing the firm it.
18 August 2015
If you charged interest, it does not serve any purpose. Go through deed, if the partners by their decision can waive off interest, don't charge and file a nil return.
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