Question : The Partnership Deed is silent on the rate of interest to be paid on the amount due to the heirs of the deceased partner. At what rate interest on the outstanding amount shall be payable?
Option 1: At the rate at which the banks grant loan.
Option 2: At the rate of interest provided in the Partnership Act, 1932.
Option 3: At the rate of interest demanded by the heirs of the deceased partner.
Option 4: 12% PA
Correct Answer: At the rate of interest provided in the Partnership Act, 1932.
Solution :
Answer =
At the rate of interest provided in the Partnership Act of 1932.
In the absence of any specific provision in the Partnership Deed regarding the rate of interest payable to the heirs of a deceased partner, the interest rate will be determined based on the rate provided in the Partnership Act of 1932. At the rate of interest, provided in the Partnership Act 1932, 6% P.A.
Hence, the correct option is 2.
