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?
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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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