Tax treatment of interest on capital in the hands of partner
This query is : Resolved
15 February 2012
Is there is any tax on interest income on capital in partnership firm in the hands of partners?
if yes than how much?
if yes than how much?
16 February 2012
Interest received on capital is taxable in the hands of the partner under Section 28. That means that interest is taxable under the head Profits or Gains of Business or Profession.
Such interest shall form part of the total income of the partner and taxable at normal slab rates.
Such interest shall form part of the total income of the partner and taxable at normal slab rates.
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