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Loan from a partner

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 October 2012 Can a partner of the firm lend money to the firm in which he is a partner and charge interest?
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CA SHRINIVAS

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CA SHRINIVAS (Expert)
14 October 2012 Yes it can do so. however partnership deed needs to checked for restrictions if any in this regard.
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CA Mihir Darji

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CA Mihir Darji (Expert)
14 October 2012 also interest must not be exceed 12% p.a.
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CA SHRINIVAS

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CA SHRINIVAS (Expert)
14 October 2012 No, if its a capital then interest must not exceed 12%, in case its a Loan and partner is able to justfy the same on account of market rate and other consideration then he can also charge higher interest. Subject to terms of Partnership deed
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CA Mihir Darji

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CA Mihir Darji (Expert)
14 October 2012 Thats true CA Shrinivas...

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