Can we claim the Interest paid to the firm in which we are partner as expense while computing the return of income of the partner. Is it disallowed U/s14A as Expense with regard to Exempt income. ie interest is expense with regard to share of profit ie income?
Interest paid to the firm by partner is allowed as dedction?
Replies (3)
The interest paid can be claimed as an expense from remuneration/interest received from firm by the partner but not from the share of profit received .
Is it there in act or by supporting case law
Is it there in act or by supporting case law
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