Section 14A Applicability??
This query is : Resolved
JIGAR SHAH
(Querist)
13 September 2010
Assesee is having business of shares. On 31st march STOCK IN TRADE consists of shares. INVESTMENT in balance sheet is NIL. Now assessee is having dividend income of 400000 and interest expense is say for e.g. 3000000. whether section 14A is applicable?? or it's not applicable coz being business everything is shown as STOCK IN TRADE and not as investment???
13 September 2010
to my understanding the interest is on the amount financed for making investment in shares.hence as per sec 57 any expenses incurred on gaining an income can be set off against the income.hence interest expended to earn dividend can be deducted from dividend.
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