Unsecured loans to and from proprietorship firms
This query is : Resolved
Dhruvin Vara
(Querist)
06 November 2014
Dear Expert,
Please advise whether a proprietorship firm holding TAN No. can give/take loans to other proprietorship firms without interest?
Please advise whether a proprietorship firm holding TAN No. can give/take loans to other proprietorship firms without interest?
Nikhil Kaushik
(Expert)
06 November 2014
he/she can...but if he/she is having interest bearing borrowing, he/she should be aware that giving interest free loans may force AO to disallow part of interest paid on interest bearing loans
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