Partnership firms - loan
This query is : Resolved
16 October 2019
Sir,
Clarification and advice is required :
1. to take loan from partners or from banks for the partnership firm for the working of the firm? partners have already contributed capital.
thanks
CA Renuka K
Clarification and advice is required :
1. to take loan from partners or from banks for the partnership firm for the working of the firm? partners have already contributed capital.
thanks
CA Renuka K
16 October 2019
There is no restriction on taking loan from partners by a firm but should be through bank channel.
16 October 2019
thanks CA Dileep Surya Kumar
what I am try to say is which one is beneficial . partners loan or firm's loan.
I think the interest on partners loan is restricted to 12% but if the loan taken from a bank in the name of the Firm, the total interest can be claimed as expenses. please suggest
what I am try to say is which one is beneficial . partners loan or firm's loan.
I think the interest on partners loan is restricted to 12% but if the loan taken from a bank in the name of the Firm, the total interest can be claimed as expenses. please suggest
18 October 2019
It depends not only the interest expenses that firm can claim , need for loan, is it temporary for short period or long period, whether operations are organised etc.
If operations are organised and looking for long term better go for bank loan.
If operations are organised and looking for long term better go for bank loan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- FORM 26A APPLICABILITY
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
