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Loan for business

This query is : Resolved 
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(Querist)
30 July 2018 Dear All,

If A and B took joint loan for business they are husband and wife , but only B is proprietor in a business. Then under Income tax law B can avail any benefit ? We can show this loan as secured loan in B's business.
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
31 July 2018 Important test is utilization of funds obtained through loan. If it is utilised wholly, necessarily and exclusively for the purpose of Business, then the proprietor can take the deduction.
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