Section 36 vs. 37
This query is : Resolved
CA Mohit Jain
(Querist)
10 August 2013
Deduction in respect of int. on loan for starting new business by an individual is allowable under section 36 or 37 i.e which section will apply.
As under section 36 int. on loan is allowed for existing or for extention of business.
As under section 36 int. on loan is allowed for existing or for extention of business.
12 August 2013
If the loan was taken to acquire an asset, treatment of interest will be as under:
Interest till the date the asset is put to use will be capitalised.
Interest AFTER the date the asset is put to use is allowed as deduction u/s 36(iii).
Interest till the date the asset is put to use will be capitalised.
Interest AFTER the date the asset is put to use is allowed as deduction u/s 36(iii).
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