Allowed or not
This query is : Resolved
vivek bothra
(Querist)
06 June 2013
loan borrowed for agri purpose whether to capitalise or treat as expense
CMA Ramesh Krishnan
(Expert)
14 June 2013
Need to treat as expenses
vivek bothra
(Querist)
15 June 2013
but that interest paid for that loan can be set off with other income?
CMA Ramesh Krishnan
(Expert)
15 June 2013
Since agricultural income is not taxable, so interest on that purpose cannot be adjusted with other income. my view
vivek bothra
(Querist)
17 June 2013
if land is sold but loan is still o/s whats the treaatment
CMA Ramesh Krishnan
(Expert)
17 June 2013
Unless the business income & House property income , no other income has the facility to claim the interest on loan as deduction. so even you are sold the land, the interest paid on the loan is not eligible to claim in any income
vivek bothra
(Querist)
18 June 2013
i have business income so I can set off from that
CMA Ramesh Krishnan
(Expert)
18 June 2013
Any expenses which is related to the particular income can be claimed. if you can justify the A.O, interest paid against agriculture loan is you business expenses, then you can claim
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