Interest paid by partner on behalf of the firm
This query is : Resolved
04 July 2008
the querry is
a partner has taken loan from a financial institution and has invested in the business for which he will take interest from the firm.
Hence he will have to pay tax on such income but can he take the interest paid by him as deduction.
a partner has taken loan from a financial institution and has invested in the business for which he will take interest from the firm.
Hence he will have to pay tax on such income but can he take the interest paid by him as deduction.
04 July 2008
yes, intt paid will be deducted from his intt. income from firm
04 July 2008
Remuneration & Interest received by the partners will be assessed as business/professional income in the hands of partner u/s 28(v). & any expenses done for his business is deductible. so the partner will get deduction for the interest paid.
04 July 2008
Any expenses incurred to generate the income is deductiable. So the partner can claim the deduction of interest paid to financial institution against the income income received from the firm u/s 37.
05 July 2008
yea he is eligible for deduction
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