Computation of total income
This query is : Resolved
CA Nitesh Agarwala
(Querist)
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??
13 March 2015
if int is paid for personal purpose then no deduction is allowed under pgbp.
CA Nitesh Agarwala
(Querist)
13 March 2015
What if the money received as unsecured loan is brought to business use
CA Nitesh Agarwala
(Querist)
13 March 2015
What if the money received as unsecured loan is brought to business use
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
(Expert)
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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