Deduction of interest paid
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2011
Let me know the interest paid to loaner is allowable expense or not. if it is allowable against the income from other source.
CA Ashwani Agarwal
(Expert)
31 July 2011
Yes it is allowable if you can prove that the loan was taken to earn the income from other sources.
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