U/s.24, deduction inrespect of interest on borrowed capital
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 August 2011
Whether if any loan is taken from Provident fund which is used for purchase or construction etc of house property , THE INTEREST FOREGONE ATTRIBUTABLE TO THE ASSESEES CONTRIBUTION CAN BE ALLOWED AS DEDUCTION.
CA PARAS BAFNA
(Expert)
25 August 2011
No it can not be allowed.
Any body can say that by using own funds I am loosing Interest. This is not tenable in law.
Any body can say that by using own funds I am loosing Interest. This is not tenable in law.
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