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Important one..please help..

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(Querist)
28 November 2011 Is interest paid on Purchase of Urban Land deductible if such land is used for letting out?
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Ravindra Srinivasa

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Ravindra Srinivasa (Expert)
29 November 2011 Since, land is generating revenue, the interest paid on purchase of land is claimable expenditure.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
30 November 2011 I also support the view of expert Shri R Sriniwasa. As the Rantal income is taxable under the head Income from other sources. This income could be generated due to funds taken on loan or without taking a loan , the income was not likely to be received. For more details you may refer Section 57(iii).
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Asif7804

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Asif7804 (Querist)
02 January 2012 Ravindra Sir n Paras Sir thanx a ton for ur feedback..sorry for thanking both of u quite late...
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