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Mortgage Loan

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(Querist)
21 October 2008 Some partner take mortgage loan ag.property in their personal saving account ( i.e.disbursed in their personal saving account ) and then immediately transfer the fund in the firm in which they are partner by issuing a cheque from their personal saving account. What can be the reason thereof ?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
21 October 2008 What is the other mode you are suggesting?
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CA Praveen Chopra

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CA Praveen Chopra (Querist)
21 October 2008 No what my question is that such an adjustment if effected in the books than interest liability in personal books will be allowed in the partner individual assessment if he transfer the loan amount to firm without charging interest.
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CA Praveen Chopra

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CA Praveen Chopra (Querist)
21 October 2008 .
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
22 October 2008 Interest liability will be on personal account only as the borrower is individual only.
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