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Allowed or not

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(Querist)
06 June 2013 loan borrowed for agri purpose whether to capitalise or treat as expense
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
14 June 2013 Need to treat as expenses
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vivek bothra

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vivek bothra (Querist)
15 June 2013 but that interest paid for that loan can be set off with other income?
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CMA Ramesh Krishnan

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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
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vivek bothra

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vivek bothra (Querist)
17 June 2013 if land is sold but loan is still o/s whats the treaatment
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CMA Ramesh Krishnan

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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
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vivek bothra

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vivek bothra (Querist)
18 June 2013 i have business income so I can set off from that
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CMA Ramesh Krishnan

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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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