Personal cc interest expense - whether deductible in firm's books

Tax queries 240 views 2 replies
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171 Points Joined August 2013

One of the firm's partner has a personal CC limit against Life insurance policy and has utilized the said limit solely for firm's business needs. Whether interest charged on CC would be tax deductible in partnership firm's books as interest expense.

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On 08 September 2019 at 17:37 Report
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"Do the Right Thing...!!!"
128116 Points Joined January 2015
No.... Personal account is not accountable in firm's books of expenditures.
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On 08 September 2019 at 18:17
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17264 Points Joined December 2018
CC limit is in Partner's personal account. Interest paid on this CC limit Account can not be allowed as expenses in accounts of Partnership Firm
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On 08 September 2019 at 18:46


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