allowability of interest paid on loan
This query is : Resolved
22 February 2008
Sir I have taken the loan of Rs. 10 lakhs for investing in the shares and paid interest on such loan and at the year end i have sold such shares and have a a capital gain .i want to know whether i can claim the deduction of interest on loan.give answer with neccessary referrence to income tax act,1961
Note: I have only income from capital gains
Sir I have taken the loan of Rs. 10 lakhs for investing in the shares and paid interest on such loan and at the year end i have sold such shares and have a a capital gain .i want to know whether i can claim the deduction of interest on loan.give answer with neccessary referrence to income tax act,1961
Note: I have only income from capital gains
22 February 2008
AS PER INCOME TAX ACT ONLY COST OF ACQUISITION ,EXPENSES OF TRANSFER ARE ALLOWABLE BUT INTEREST ON LOAN PAID FOR ACQUISITION DOES NOT FORM PART OF COST OF ACQUISITION. INTEREST PAID ON LOAN IS NOT DEDUCTABLE FROM CAPITAL GAIN
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