Important one..please help..
This query is : Resolved
28 November 2011
Is interest paid on Purchase of Urban Land deductible if such land is used for letting out?
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
(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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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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