Interest paid by partner
This query is : Resolved
29 November 2010
Interest paid by partner to a firm on its over drawn capital..whether this interest paid by the partner is allowable deduction in assessment of the partner?
30 November 2010
no in normal case
yes if it is proved that the borrowed money was used to earn some other income interest or business or house property income or capital gain
yes if it is proved that the borrowed money was used to earn some other income interest or business or house property income or capital gain
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