Please Help: income tax
Posted Date : 28-Oct-2012 , 11:58:01 am | Posted By bibek jha
is any partner of firm taken loan for personal purpose & interest paid on such loan & such loan is transfered to another party and interest received there on interest received is taxable under other sources wheather such interest which paid earlier is allowed as dedution or not?
Category : Income Tax | Answers : 2 | Comments : 0 | Hits : 165
Answers
Answer By: Rishabh Upadhyay
Interest upto 12% received by partner on which he is exempt from tax, such portion will not be allowed as deduction because firm has already taken the benefit of such deduction. On the remaining part ie. in excess of 12%, partener will be liable to pay tax, and such interest can be adjusted against the interest income from other sources
Answer By: Anmol Goyal
interest paid on loan taken for private purpose by a partner is not deductible. Moreover, query is not much clear..
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