If partner has taken loan from firm. complusory intrest have to recover form him under any rule. if yes advice.
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Intrest on loan to partner
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As per my knowledge,intt. will be charged as per partnership deed and in absence of deed interest will be charged @ 6%p.a.
Thanks Dear,
But please tell me under which rule or section such intrest rate is mentioned.
Not required. If no interest is to be charged as per partnership deed or the loan document, if any, signed for the said loan, then no requirement for recovering interest.
Not required. If no interest is to be charged as per partnership deed or the loan document, if any, signed for the said loan, then no requirement for recovering interest.
My apologies,i misunderstood it as loan given by partner Mr.Nikhil is correct no interest would be payable if nothing is mentioned in partnership deed
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