Interest paid under section 40a(2)(b)
This query is : Resolved
13 September 2012
A firm is run by a HUF in proporetorship. It has some unsecured loans from its members.Interest is paid on this amount.
My query is whether this interest to the members of HUF is covered under section 40A(2)(b)?
Plz reply.
Thanx
My query is whether this interest to the members of HUF is covered under section 40A(2)(b)?
Plz reply.
Thanx
13 September 2012
Since interest isa an expense and members of HUF are related parties hence i think it is covered
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