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

Tax queries 260 views 2 replies

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.

Thanks

Replies (2)
No.... Personal account is not accountable in firm's books of expenditures.
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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