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LLP-INTEREST RATES

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(Querist)
25 February 2010 SIR WHAT ARE THE INTERST RATES ON CAPITAL CONTRIBUTION DONE BY PARTNERS IN LLP?
IS IT SAME AS PARTNERSHIP WHICH IS 12%pa?
also tell me where it is specifically mentioned? ONE OF OUR CLIENT WANTS IT IMMEDIATELY
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
26 February 2010 w.e.f 01/04/2010, 12 % interest is an allowable expenditure. Pl read section 40(b) along with 2(23)(ii)(b) of the Income tax Act,1961.
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