partnership firm
This query is : Resolved
01 October 2009
Can a firm give loan to partner or his relatives ?
01 October 2009
yes a firm can give loan to its partners or relatives of any partners.
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.
Otherwise interest dr. to profit & loss account to the extent interest on loans given will be not be allowed.
01 October 2009
agree with chetan
01 October 2009
Yes but it should not be interest free loan
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