Menu
Credit card loan
partnership firm, one of the partner is taken personal loan from his credit card and that amount utilized in there business, than how to account it and it's eligible for repayment with interest from partnership firm?
Replies (2)
Quick Summary
In my opinion it shall be considered as loan given by partner to the firm.
And deduction of interest shall not be allowed in excess of 12%.
Yes, it's eligible for repayment after amendment in partnership deed but interest shall be restricted to 12%.
And deduction of interest shall not be allowed in excess of 12%.
Yes, it's eligible for repayment after amendment in partnership deed but interest shall be restricted to 12%.
It's just introduction of current capital in Partnership firm, whether its from own fund of partner or from Loan...
Treatment have to be Given as same like Current capital in Books of firm..
Treatment have to be Given as same like Current capital in Books of firm..
Recent Topics :
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
Related Topics :
CAclubindia
