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Interest free unsecured loan

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(Querist)
27 October 2009 Can a partnership firm take interest free unsecured loan from an individual / private party. What is its treatment in books of accounts and for tax purpose??

Please clarify
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
28 October 2009 Yes Firm Take interest free loan.
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CA SANJAY MUKHERJEE

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CA SANJAY MUKHERJEE (Expert)
28 October 2009 Accounting entry:

Cash/Bank Dr.

To Lender A/c

For Tax you have to get the PAN and name and address of the lenders to prove the genuineness of the loan.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
28 October 2009 agree

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