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manish sharma (Querist)
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17 November 2011 Dear Members

1.can partnership firm give loan or advance to partner if yes what is limit & any condition for that.

2.maxmimum salary to patner any amendment in this topic.

please help.

VISHRUT

VISHRUT (Expert)
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17 November 2011 Yes advance can be given and no limit is prescribed.

No limit for salary but allowable amount is only what is permitted under section 40A

ACMA Obulirajan R

ACMA Obulirajan R (Expert)
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17 November 2011 Please see the sec 184 and 40A, you will come to the exact picture...

There is no limit to give loan to partners.

Maximum Salary payable to each partners should be mentioned in the agreement however the permissible amount to deduct from the income of firms is restricted as per the Act...

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