Interest on purchase of shares
This query is : Resolved
08 January 2008
Company XYZ Pvt Ltd wants to purchase the 100% shares of ABC Pvt Ltd FROM Mr and Mrs X. To purchase the shares XYZ Ltd will have to take the loan. In this case can XYZ Pvt Ltd claim interest paid as expense in their books of accounts and claim benefit under income tax?
20 January 2008
What is the business of XYZ Ltd.?
08 March 2008
No they can't claim this as business expenditure.
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