Quiz for the week (29 Dec 2025) :
Twister LLP has 5 partners. Out of 5 partners 2 of them are coparceners in a HUF which has
deposited Rs.50 lakhs with the firm as loan carrying interest @15% per annum. In June, 2024
there was a partial partition of HUF and the said two partners (one unmarried) were given
Rs.25 lakhs each which was shown as advanced to LLP. The LLP paid interest @12% p.@ from
1 st July, 2024 and it was paid every month. Is this interest payment covered by section 40(b)?
Share your thoughts on the above on or before 5th January, 2026.