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Partnership firm

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(Querist)
13 March 2014 Dear All,

in a partnership firm, there are 4 partners, viz.. Mr. A, Wife of Mr.A, Mr. B & wife of Mr. B

As per Partnership deed no salary will be allowed to any of the partner but Interest on capital is allowed @12 p.a.

My query is: Interest on capital paid to Wife of Mr. A & Mr. B is liable to clubbing provision with Mr. A & Mr. B respectively or not??

All the partners are income tax payee and invested the capital at their own.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
13 March 2014 no clubbing provision is applicable in this case.
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PRAVEEN JAIN

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PRAVEEN JAIN (Querist)
13 March 2014 Any other comments in this regard pls...
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