This is a query in respect to a partner who has taken loan in his individual capacity of Rs. 5 lacs for capital introduction in the firm.
the query is weather interest paid on loan above taken can be deducted from his income of remuneration received from firm or interest on capital in his individual return.
09 August 2010
Yes interest paid on loan above taken can be deducted from his income of interest on capital received from firm in his individual return.
CAclubindia
