Cost of acquisition - CG of ITR2
This query is : Resolved
Shilpa Jain
(Querist)
07 July 2008
If there is some short term gain from stock markets from the money taken on loan, then can the interest paid on loan be mentioned in cost of acquisition?
07 July 2008
No, interest paid on loan amount invested in the stock market can not form a part of ur cost of acquisition.
Shilpa Jain
(Querist)
07 July 2008
Interest paid on loan amount is an expense. Shouldn't it be deducted? If yes, where can I mention that in ITR2?
Sambasiva Rao
(Expert)
07 July 2008
The expediture incurred in the connection of trade activity has to be allowed as deduction out of income generated. Hence if you can show your income from stock market net of your expenditure.
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