Taxation of partnership firm
This query is : Resolved
Ranjit Shitole
(Querist)
21 May 2018
If partner purchase property in their individual name by paying advance from withdrawal out of firm and balance by mortgage of said property can firm claim interest on such loan if such property is purchased for business of firm but in the individual name of partner and firm is not a party to loan.
CA PARAS BAFNA
(Expert)
22 May 2018
Yes, firm can claim interest if the property is exclusively for the purpose of business of the firm.
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