If an assessee utilises his borrowed funds for earning tax free interest on government bonds, then interest paid on such borrowed funds will not be allowed for deduction.
In income tax act, where it is so provided..?
What is the section..?
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Disallowances
Replies (3)
I GUESS SEC.14A. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income).
Thanks..
Your answer is right... :)
thanks for the confirmation
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