deductibilty of intt. on personal loan
This query is : Resolved
10 October 2008
a partner of firm takes loan @10%p.a
and invest it into partnership firm as
capital and receive intt. @ 3% p.a. on it.
whether interst paid on loan deductible or not.
and invest it into partnership firm as
capital and receive intt. @ 3% p.a. on it.
whether interst paid on loan deductible or not.
10 October 2008
yes, becz remuneration from firm is business income & intt paid is business exp.
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