Interest on borrowed capital
This query is : Resolved
08 August 2011
A person did not paid interest on borrowed capital in the previous year 2009-10 therefore did not claimed deduction. The party from whom loan was taken also did not provided for the same.For the year ended 2010-11, he paid interest for 2009-10 and for 2010-11. Can he claim deduction for both the years in 2010-11.
08 August 2011
Interest of earlier year is not allowable.
However, try it by saying the interest of 1 year only at double the rate.
However, try it by saying the interest of 1 year only at double the rate.
09 August 2011
Thank u sir
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