Interest on Partner's Capital of Investment Partnership Firm
This query is : Resolved
25 May 2022
Hello:
A Partnership Firm is constituted - Sole Objective – Investments & Trading in Stock Exchange Listed Equity and Debt Instruments. Trading using Derivatives (Futures & Options)
Every Partner Contributes Rs 5 Lakh.
Income of the Firm will be from LTCG, STCG, Dividend, Interest on Government Securities and Profit from Futures / Options Trading.
1. Can Simple Interest at rate of 12% be Paid to Partner's Capital from the above sources of Profit every year and claimed as deduction in Firm's account ?
Thanks.
A Partnership Firm is constituted - Sole Objective – Investments & Trading in Stock Exchange Listed Equity and Debt Instruments. Trading using Derivatives (Futures & Options)
Every Partner Contributes Rs 5 Lakh.
Income of the Firm will be from LTCG, STCG, Dividend, Interest on Government Securities and Profit from Futures / Options Trading.
1. Can Simple Interest at rate of 12% be Paid to Partner's Capital from the above sources of Profit every year and claimed as deduction in Firm's account ?
Thanks.
26 May 2022
Yes, such interest can be paid claimed as deduction in firm's account.
Message likes :
1 times
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
