Interest on capital
This query is : Resolved
30 March 2016
whether interest on loan are allowable as deduction from Interest received on capital in partnership firm,?? amount of loan invested in partnership firm as a capital
CA Tejas Mistry
(Expert)
31 March 2016
You must be able to prove that loan taken is purely invested in Business as capital and you can claim interest paid as deduction upto the proportion of amount invested and loan taken from outsider with the same interest rate what you get from firm
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