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Loan from a partner

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Querist : Anonymous

Querist : Anonymous (Querist)

14 October 2012 Can a partner of the firm lend money to the firm in which he is a partner and charge interest?

CA SHRINIVAS

CA SHRINIVAS (Expert)
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14 October 2012 Yes it can do so. however partnership deed needs to checked for restrictions if any in this regard.

CA Mihir Darji

CA Mihir Darji (Expert)
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14 October 2012 also interest must not be exceed 12% p.a.

CA SHRINIVAS

CA SHRINIVAS (Expert)
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14 October 2012 No, if its a capital then interest must not exceed 12%, in case its a Loan and partner is able to justfy the same on account of market rate and other consideration then he can also charge higher interest. Subject to terms of Partnership deed

CA Mihir Darji

CA Mihir Darji (Expert)
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14 October 2012 Thats true CA Shrinivas...

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