Treatment of interest on loan
This query is : Resolved
Chetna Gupta
(Querist)
10 April 2013
If a proprietor has given loan to its proprietorship firm then the interest payable on that loan by the firm is deductible in p&l a/c or not?
10 April 2013
Dear sir, I don't think that there will be any impact on tax liability because the combined income of proprietorship business and proprietor will be clubbed.
There is no separate assessments for Prop. & his business.
This is simply increased in
capital of the Prop.firm.
There is no separate assessments for Prop. & his business.
This is simply increased in
capital of the Prop.firm.
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