Loan interest and installment treatment in books
This query is : Resolved
Kollipara Sundaraiah
(Querist)
09 December 2021
Sir,
A partner ship firm one of the partner personal name LAP loan taken on residential property loan amount transferred to partnership firm.
Loan taken by partner personal name and loan installment amount pay through on partner ship firm bank account.
Question:
1.Treatment of interest and installment in books and accepted above transactions in it act.
2.interest claim firm account accepted in it act.
A partner ship firm one of the partner personal name LAP loan taken on residential property loan amount transferred to partnership firm.
Loan taken by partner personal name and loan installment amount pay through on partner ship firm bank account.
Question:
1.Treatment of interest and installment in books and accepted above transactions in it act.
2.interest claim firm account accepted in it act.
Dhirajlal Rambhia
(Expert)
09 December 2021
Acceptable, if such loan arrangement allowed as per partnership deed.
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