If a person takes a gold loan and invests the same in the firm in which he is a partner,will this loan amount be allowed as a deduction from Gross wealth of the partner for the purpose of computation of Net wealth??
karthiksanker (Assistant Manager-Accounts&Finance) (137 Points)
07 March 2012If a person takes a gold loan and invests the same in the firm in which he is a partner,will this loan amount be allowed as a deduction from Gross wealth of the partner for the purpose of computation of Net wealth??
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 07 March 2012
An deduction can be availed from an asset, only if any liability is incurred for acquiring that asset. If this is not the case then no deduction wud be allowed while computing the net wealth of the assessee.
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