Deduction for interest on loan
This query is : Resolved
yogesh vijaykumar shah
(Querist)
26 June 2011
Sir,
Suppose the trust has taken the loan from Private limited company for the purpose of objects of the trust. Whether the interest can be allowed as deduction in its return of income. Please advise me along with justification and reference of section under which the said deduction can be claimed.
Suppose the trust has taken the loan from Private limited company for the purpose of objects of the trust. Whether the interest can be allowed as deduction in its return of income. Please advise me along with justification and reference of section under which the said deduction can be claimed.
CA PARAS BAFNA
(Expert)
26 June 2011
Interest is an allowable expenditure to the trust and will be taken into consideration while calculating the "Application" of income.
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