Loan from friend
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2015
Dear all expert
i am engaged in proprietorship business, i have taken load from my friend and i am also paying 18% PA interest.
my Query is. can i get rebate in income tax for paying interest and repayment of loan. if yes how much..
please reply urgent
i am engaged in proprietorship business, i have taken load from my friend and i am also paying 18% PA interest.
my Query is. can i get rebate in income tax for paying interest and repayment of loan. if yes how much..
please reply urgent
CA. Narendra Purohit
(Expert)
04 April 2015
The question is not complete. Please specify amount of Loan and also there is no rebate term use in income tax act for intrest.
CA Kanj Goel
(Expert)
04 April 2015
If the money had been borrowed for business then you are entitled to claims interest paid as a business expense under section 37 of the act. In my view considering practical aspect interest rate should be 12% to 14 %
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