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Rental income

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 May 2013 Can We deduct interest paid to partners from rental income of the Partnership Firm?
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Prakash Kochar

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Prakash Kochar (Expert)
04 May 2013 Remunaration & int. u/s. 40 is not allowable to deduct from rental income in hands of firm.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
14 June 2013 Yes I agree with the expert. It can only be deducted on certain percentage basis out of business income only as the same is based on turnover
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