intt on loan u/s 36(1)(iii)taken for agricultural income
This query is : Resolved
Guest
Guest
(Querist)
09 August 2011
Respected Sir
Payment of interest on laon
u/s 36)(1)(iii)which is taken for purchase of agricultural land ,can be eligible for deduction or set off from agricultural income in partial integration case.
whether this payment of intt attracts disallowance u/s 14A of income tax act or not?
Thanks
Payment of interest on laon
u/s 36)(1)(iii)which is taken for purchase of agricultural land ,can be eligible for deduction or set off from agricultural income in partial integration case.
whether this payment of intt attracts disallowance u/s 14A of income tax act or not?
Thanks
09 August 2011
36(1)(iii) is not applicable for agricultural income because that deduction is permitted only while computing income 'from business or profession'.
Agricultural income can't be included in total income. Therefore,expenses incurred in relation thereto warrants disallowance under section 14A of the Income tax Act,1961.
Agricultural income can't be included in total income. Therefore,expenses incurred in relation thereto warrants disallowance under section 14A of the Income tax Act,1961.
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