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Business and profesion sec 36(1) iii

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Guest (Querist)
21 March 2012 AS PER SECTION 36(1)iii OF INCOME TAX ACT 1962 INTEREST ON LOAN IS ALLOWED IF SUCH LOAN IS USED FOR BUSINESS AND PROFESSION SUBJECT TO CERTAIN CONDITIONS.BUT IF LOAN USED FOR BUSINESS AND PROFESSION IS REPAID EARLY THEN WHETHER PREPAYMENT INTEREST CHARGED BY THE BANK IS ALLOWED UNDER THIS SECTION? AND IF NOT THEN IS IT ALLOWED UNDER ANY OTHER SECTION OF INCOME TAX?
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CA. Vinod Agarwal

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CA. Vinod Agarwal (Expert)
22 March 2012 Yes it is allowed.
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CA. Aryendra

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CA. Aryendra (Expert)
23 March 2012 Yes it is allowable but U/S 37(i)
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