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Interest paid by partner

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(Querist)
29 November 2010 Interest paid by partner to a firm on its over drawn capital..whether this interest paid by the partner is allowable deduction in assessment of the partner?
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CA Sanjeev Kr Jain

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CA Sanjeev Kr Jain (Expert)
30 November 2010 no in normal case

yes if it is proved that the borrowed money was used to earn some other income interest or business or house property income or capital gain

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