hi !
I have Partnership Firm , I need To Purchase Car Loan From it ! Can I do ? And If Yes than what about tax of it ? I need To Pay Tax for it too ?
Thanks
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Purchase car loan for partnership firm !
Replies (1)
In plain words, you want to avail a loan from your firm. Make sure you pay interest at the prevailing rate. If not and if the firm doesn't have suffiicient funds, then the firm's interest on loan will be disallowed to that extent in the assessment of firm as a result of diversion of loan funds for purposes other than business.
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