28 November 2017
Mr. A has contributed Rs. 1 Lakh to XYZ a partnership firm, as per partnership deed he is entitles to received interest @ 12%P.A. My query is Mr. A has contributed Rs. 1 Lakh by taking a personal loan from bank. While filing ROI can he claim interest paid to bank against interest income from firm?
28 November 2017
sir, but as per section income from partnership firm to be treat as business income u/s 28 so how can i claim deduction for interest paid on borrowed capital u/s 57.
CAclubindia
