Interest on Loan
This query is : Resolved
Guest
Guest
(Querist)
05 July 2011
For an individual case, if he generates income from interest on loan. Will he entitled to claim deduction of interest amount on loan he paid to other parties, from Income from Interest on loan
CMA Nishad Patkar
(Expert)
06 July 2011
Dear Manish,
In case of individual deduction of Interest on loan is deducted, if it is taken for specific purpose. Like, int on loan taken from banks or FI's for construction or acquisition of House property is deductible u/s 80 C,In same way loan taken from bank, or FI for the purpose of pursuing higher Education is eligible for deduction u/s 80E.
Apart from above , interest on loan paid to any other persons is not deductible in computation of Tax.
Regards
Nishad
In case of individual deduction of Interest on loan is deducted, if it is taken for specific purpose. Like, int on loan taken from banks or FI's for construction or acquisition of House property is deductible u/s 80 C,In same way loan taken from bank, or FI for the purpose of pursuing higher Education is eligible for deduction u/s 80E.
Apart from above , interest on loan paid to any other persons is not deductible in computation of Tax.
Regards
Nishad
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