Personal loan
This query is : Resolved
13 July 2012
hello
i want to know when we calculate the income tax liability for an individual . is there is any exemption for loan taken for business [ loan taken on personal name]. is the repayment of that loan exempted from tax. and any other personal loan how to be calculate. pl give the guideline
the income is taxable under salary
thanks
i want to know when we calculate the income tax liability for an individual . is there is any exemption for loan taken for business [ loan taken on personal name]. is the repayment of that loan exempted from tax. and any other personal loan how to be calculate. pl give the guideline
the income is taxable under salary
thanks
14 July 2012
Loan taken on personal name and used for bussiness is available as deduction as an expenses. but vis a versa is not available. Interest facor is allowed from income under the head of bussiness.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Carriage Road Act, 2007 read with Carriage by Road Rules, 2011
- RATE AND HSN CODE
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- Portuguese Civil Code IT Return
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Journal entry of busniess expenses
- Cash balance limit and property purchases limit
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
