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??
Menu
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.
Recent Topics :
- Discrepancy in Auto populated figures in GSTR1 of
- What should I do after receiving a GST Show Cause
- Discuss and Download CA Inter Question Paper Septe
- Hi experts needed some help
- Gift of Immovable Property u/s 92 of Income Tax Ac
- NSE BSE Pre-open session changes from 7 September
- Financial statements for non corporate entities
- Hi experts need some help
- Is SAP FICO a good career option for finance and a
- Direct Cost booking
Related Topics :
CAclubindia
