Interest on investment received
This query is : Resolved
29 June 2021
A raised investment from various sources for his business through cheques Rs 40 lakhs and agreed to pay interest 50% i.e 1960000 as interest. Is this interest allowable a deduction expenses under incometax or is there any limit to claim interest paid amount for proprietor ship. explain
Dhirajlal Rambhia
(Expert)
23 September 2021
Loan period not mentioned. The net interest rate should be tenable.
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