i have unsecured loan in personnel name and paying interest on that loan and i am using that loan fund in partnership firm can i take interest from partnership firm and adjust interest income from partnership
firm against interest expense on unsecured loan
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Deduction of interest on unsecured loan
Replies (4)
Yes you can claim Interest expenses on loan against interest income from firm.
No... It's not acceptable. You can't transact it's your name in the Form...
But, You can use the name of who is given the Loan in Firm...
But, You can use the name of who is given the Loan in Firm...
Interest on Loan taken by partner for introducing capital in patnership firm is expense for a partner & same is allowed against income received from Firm.
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