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Interest on loan

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(Querist)
04 April 2011 If i take a loan and from that money i purchase some shares . Whether the interest on such loan is allowable?
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CMA Nishad Patkar

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CMA Nishad Patkar (Expert)
05 April 2011 Dear Dishank.

It depends on the purpose for which you have taken the loan.

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Dishank

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Dishank (Querist)
06 April 2011 If it is for the purpose other than investing in shares than is it disallowed.?



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CMA Nishad Patkar

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CMA Nishad Patkar (Expert)
06 April 2011 If you have taken loan for the business purpose and if business is not in shares or securities than certainly it will be disallowed. The purpose of loan and its utilization be always correlative to claim deduction.
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Dishank

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Dishank (Querist)
08 April 2011 Thanks a lot for guidance

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