Interest expense- allowable
This query is : Resolved
14 June 2019
Dear Experts
Partner of the firm has borrowed some funds from a bank in her individual name and invested the entire loan amount in her Partnrship Firm. Now whether can the firm claim the interest amount as expense. Whether it is an allowable expense?
Partner of the firm has borrowed some funds from a bank in her individual name and invested the entire loan amount in her Partnrship Firm. Now whether can the firm claim the interest amount as expense. Whether it is an allowable expense?
14 June 2019
The firm can't claim the interest as its expenses since the firm has not borrowed
money on interest.
money on interest.
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