Computation of total income

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CA Nitesh Agarwala (Querist)
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13 March 2015 If a individual has a income of Rs 5 lakhs as PGBP and is paying Rs 100000 as interest on unsecured loans from his personal account, then is the interest portion deductible from the PGBP income while computing tax payable??

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 March 2015 if int is paid for personal purpose then no deduction is allowed under pgbp.

CA Nitesh Agarwala

CA Nitesh Agarwala (Querist)
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13 March 2015 What if the money received as unsecured loan is brought to business use

CA Nitesh Agarwala

CA Nitesh Agarwala (Querist)
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13 March 2015 What if the money received as unsecured loan is brought to business use

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 March 2015 if its treated as business loan and then shown as int paid for business purpose then allowed but then u need to show in bal sheet of business as loan

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Rupesh Jain

Rupesh Jain (Expert)
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14 March 2015 loan amount use for business then you can claim the intt. and also see the tds provision on intt. on unsecured loans

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