Personal cc interest expense - whether deductible in firm's books

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38 Points Posted on 08 September 2019

One of the firm's partner has a personal CC limit against Life insurance policy and has utilized the said limit solely for firm's business needs. Whether interest charged on CC would be tax deductible in partnership firm's books as interest expense.

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On 08 September 2019 at 17:37 Report
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"Do the Right Thing...!!!"
77792 Points Posted on 08 September 2019
No.... Personal account is not accountable in firm's books of expenditures.
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On 08 September 2019 at 18:17
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10683 Points Posted on 08 September 2019
CC limit is in Partner's personal account. Interest paid on this CC limit Account can not be allowed as expenses in accounts of Partnership Firm
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On 08 September 2019 at 18:46

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