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Interest paid by partner on behalf of the firm

This query is : Resolved 
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(Querist)
04 July 2008 the querry is
a partner has taken loan from a financial institution and has invested in the business for which he will take interest from the firm.

Hence he will have to pay tax on such income but can he take the interest paid by him as deduction.
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mohinder kansal

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mohinder kansal (Expert)
04 July 2008 yes, intt paid will be deducted from his intt. income from firm
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Yatesh Prakash Renuke

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Yatesh Prakash Renuke (Expert)
04 July 2008 Remuneration & Interest received by the partners will be assessed as business/professional income in the hands of partner u/s 28(v). & any expenses done for his business is deductible. so the partner will get deduction for the interest paid.
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chetan soni

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chetan soni (Expert)
04 July 2008 Any expenses incurred to generate the income is deductiable. So the partner can claim the deduction of interest paid to financial institution against the income income received from the firm u/s 37.
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SHIVAM GROVER

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SHIVAM GROVER (Expert)
05 July 2008 yea he is eligible for deduction
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