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is it compulsory to pay int on loan given by partner

This query is : Resolved 
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(Querist)
26 January 2011 Dear Experts,

ours is a partnership firm, suffering heavy loss, majorly due to financial int exp.
partners have given huge loan to the firm.
firm is giving 12% pa int on this loan.
But from this f.y. we dont want to provide any int on o/s loan amt. can we do this?

Thanks in advance,
Regards,
Sushil.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
26 January 2011 If the parnership deed stipulate payment of interest on loan ,interest has to be provided.
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