Eligible u/s 40(b), Partners interest on capital paid 2 out of 5
This query is : Resolved
19 June 2023
The firm having 5 partners. This situation, we are calculated and paid the interest on capital to only 2 partners capital. Is eligible U/s. 40(b) to give interest on capital to that 2 partners.
19 June 2023
Only upto the apportioned amount of the total amount payable to all the capital interest.
19 June 2023
Sir, Is it possible to give the interest only 2 partners.
19 June 2023
As such you have to follow the clause as specified in Partnership deed.
At least you need to credit the interest over capitals invested by each partner to respective partners' capital account.
At least you need to credit the interest over capitals invested by each partner to respective partners' capital account.
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