Taxation of partnership firm
This query is : Resolved
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.
22 May 2018
Yes, firm can claim interest if the property is exclusively for the purpose of business of the firm.
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
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Form 121 & TDS deduction
- Inter corporate deposits
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Multiple trade mark
- Invoice V/S Goods receipt Note Date
- Regarding appeal to GSTAT
- Transporter Declaration form
- LC charges in relation to Asset purchased should be Capitalised ?
- Capital gains on sale of agricultural land and house constructed on the land
- 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
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
