Allowabilty of intrest expense

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 April 2014 sir , please make me clear that if an assesse is earning salary from a company or remuneration from a partnership firm and also paying intrest on unsecured loan taken from the other party then whether that intrest expenditure would be allowed as expenditure in order to calculate the NET INCOME from that head or it is necessary that , expenditure is in the nature of other source so it can be only be adjusted with other source income . please clarify it as soon as possible with some case laws links also .

Rupesh Jain

Rupesh Jain (Expert)

15 April 2014 adjustable if loan amount use for above income otherwise not allowed

C.A. Mayur J. Raiyani

C.A. Mayur J. Raiyani (Expert)

15 April 2014 it cannot be claimed as from question it is clear that unsecured loan cannot be applied for earning salary/remuneration. Exp which is incured for earning income is only allowed

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