Mr. A has a Proprietary Business. He taken a term loan from a bank in his Individual Saving A/c and Used whole amount is his Business.
Question is : Whether Interest paid on such loan can be adjusted in Total Income or Not??
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Can interest paid on loan be less in total income
Replies (5)
Pramod,
NO, It can be adjusted on you proprietary business income with some condition.
But there is no such provision of adjusting loan interest with total income.
What is nature of Loan ? Personal or else.
It is loan against property taken for business only.
No. Interest on Such Loan is not adjustable. If Loan is nature of Housing Loan then Deduction of Interest on Housing Loan is allowable.
If the loan is taken for the business or official property then the deduction is allowed in PGBP. Expenses done exclusively for business activities is deductible from PGBP income. It is not deducted from total income.
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