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its urgent please.....

This query is : Resolved 
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(Querist)
22 April 2011 sir
whether the exemption will be available under under Income Tax Act for 'interest on loan' taken from (not being a financial institution, bank or any authorized or approved loan provider)a private person for business purpose. ?
Please clarify in brief with provision of income tax.
(not give a general answer)
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CA Navin Jain

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CA Navin Jain (Expert)
22 April 2011 interest on loan taken from private person would be allowed under sec 36(1)(iii)
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CA Saroj Kumar

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CA Saroj Kumar (Querist)
22 April 2011 thankx a lot sir....
for being a part of my query.
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taxindiaconnect

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taxindiaconnect (Expert)
25 April 2011 Agreed with Navin
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