Allow interest u/s 57
This query is : Resolved
04 March 2015
DIRECTOR OF A LTD CO. HAS TAKEN LOAN FROM PVT FINANCIAL CO. AND GIVEN LOAN TO A LTD. MY QUESTION IS THAT INTEREST GIVEN TO FINANCIAL CO.BY DIRECTOR CAN TAKE SUCH INTEREST U/S 57 AGAINST INTEREST RECEIVE FROM A LTD.
04 March 2015
no , it will not be allowed u/s 57
04 March 2015
UNDER WHICH SECTION INTEREST PAID ALLOWED? OR WHERE HE CAN SHOW IT IN RETURN?
04 March 2015
int paid is not allowed as that is not business of giving and taking loans.
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