Allowance of interest on borrowed capital

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bhavna (Querist)
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08 April 2009 If assessee partner borrows capital for investing in firm ,interest paid is allowed as deduction.
It is his personal debt.why allowed?

Jitender (Expert)
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08 April 2009 it is allowable to partner as profit from firm as assessable as business income.

CA Devanshi Gandhi (Ajani) (Expert)
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10 April 2009 i support the expert

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