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Intt. On Capital of Partners

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(Querist)
18 March 2010 What should be the tratment of Interest Paid on capital of partner. From the Partner's point of View.
plz also specify the section

Thanks
Shammi
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 March 2010 Interest due/received by the partner from the firm is assessable under the head 'income from business or profession' in the hands of partner under section 28(v) of the Income tax Act,1961.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
18 March 2010 agreed
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Professional Careers Academy

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Professional Careers Academy (Expert)
18 March 2010 agreed with Mr. Warrier.
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