Interest on borrowed capital deduction available or not ?
This query is : Resolved
MANJUNATHA M.R
(Querist)
04 January 2019
Dear Experts, Please guide me one my friend purchased vacant residential site through bank loan? My query is Whether he/she avail deductions on interest on borrowed capital? If yes please guide me where to fill in ITR Forms. If not where to account interest paid on borrowed capital?. Thanks in advance.
CA R SEETHARAMAN
(Expert)
04 January 2019
Not allowed capitalise interest to residential site.
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