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TMI BlogBusiness Expenditure U/s 36X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. X has received remuneration from partnership firm. Which he treated as his business income u/s 28(v) . Against this income he claimed interest exps. which he paid on unsecured loan from from vari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ous parties. The A.O. wants to disallow this interest exps arguing that remuneration received is salary income and interest exps can not be allowed. Can Mr. X Claim Intrest paid on unsecured loan as e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xps against remunuration received from partnership firm which is treated as business income U/s 28(v) . Pls. advise... Pls indicate case law if any? - Reply By CA Rachit Agarwal - The Reply = Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 28(v) has following parts- 1. Interest- Earned from the Capital Contribution made to Partnership Firm 2. Salary- Earned from his efforts and managing business. It is definite that to earn sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary, no interest payments required. Hence interest payments not be allowed as deductions. However as soon as salary and interest both comes under the perview of "Income from Business/Profession", he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce both could be netted off (i.e Salary from firm and interest payments to firm) to compute the income from said head. - Business Expenditure U/s 36 - Query Started By: - HIMANSHU JARIWALA Dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... :- 28-12-2010 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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