Jewel loan
This query is : Resolved
VIGNESH SC BOSE
(Querist)
11 April 2014
Interest paid on Jewel loan borrowed for business capital.
Can be that interest accounted in business books as interest paid?
Whether it is allowed under Income Tax Act?
Can be that interest accounted in business books as interest paid?
Whether it is allowed under Income Tax Act?
Dintakurthi Tirumala
(Expert)
11 April 2014
In general Jewel loan seems to personal loans so interest on that loans not allowed as expenditure.
In case if you can prove that jewel loan amount utilised for the purpose of business use then you can claim that interest paid as expenditure and shall allowed under income tax act, So allowable or not is depending in your hands as producing of evidence by you.
OM SAI SRI SAI JAI JAI SAI
In case if you can prove that jewel loan amount utilised for the purpose of business use then you can claim that interest paid as expenditure and shall allowed under income tax act, So allowable or not is depending in your hands as producing of evidence by you.
OM SAI SRI SAI JAI JAI SAI
Dhirajlal Rambhia
(Expert)
02 October 2021
If the loan is taken for business purpose, the interest paid over it is deductible as expenditure.
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