Interest on Partner's Capital
This query is : Resolved
Rahul Sharma
(Querist)
18 May 2010
Please advise, in case of loss in the Partnership Firm, Partner entitled to Interest on Capital, even if the same is allowed in the deed.
Please advise with Case law/ Section mention in Income Tax Act.
Please advise, in case of loss in the Partnership Firm, Partner entitled to Interest on Capital, even if the same is allowed in the deed.
Please advise with Case law/ Section mention in Income Tax Act.
CA. Pradeep Nayak
(Expert)
18 May 2010
Partners are entitled to interest on capital even in case of a loss as the interest on capital is a charge against profit and not appropriation of profit.
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