Taxation

YAGNESH HASMUKH DAVE (Querist) 22 February 2014 This query is : Resolved
PARTNERSHIP FORMED BY TWO PARTNERSHIP CONCERN ALONGWITH PVT LTD BEING JOINT VENTURE AGREEMENT. WHETHER INTEREST ON CAPITAL A/C INVESTMENT OF THE SAID PARTNERS ARE ALLOWED OR NOT FOR AY 2011/12

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SHIRISH PAWAR, 7738990900 (Expert) 22 February 2014
Interest on capital a/c. will govern by joint venture agreement.

Rajendra K Goyal (Expert) 22 February 2014
Refer the respective terms of agreement.

R.K Nanda (Expert) 22 February 2014
consult tax lawyer.

T. Kalaiselvan, Advocate (Expert) 23 February 2014
a consultation with tax consultant will provide the desired details.

R.V.RAO (Expert) 24 February 2014
The joint venture agreement stipulates the details of providing int.on capital A/C investment of partners ,details like rate of interest,frequency when it is to be credited etc...
any exp. like interest on cap. a/c inv. expended wholly and exclusively for business purpose is allowed as business exp. so tax benefits are also assured for the said exp.

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