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partnership firm

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nidhi marothia

nidhi marothia (Querist)
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01 October 2009 Can a firm give loan to partner or his relatives ?

Manish Soni

Manish Soni (Expert)
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01 October 2009 yes a firm can give loan to its partners or relatives of any partners.

chetan soni

chetan soni (Expert)
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01 October 2009 yes, firm can give the loan to partner or his relative. But if the partnership firm is providing interest on capital accounts of the partners then you need to collect the interest on such loan also @ 12%.

Otherwise interest dr. to profit & loss account to the extent interest on loans given will be not be allowed.

CA Suresh Choudhary

CA Suresh Choudhary (Expert)
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01 October 2009 agree with chetan

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 October 2009 Yes but it should not be interest free loan

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