A taxpayer wants to invest a sum of Rs. 5 Crore into a company through loan route for fixed income. He borrows money from bank and pays interest.
Is interest allowed as expenditure against income from investment in company under what section, rule and/or case laws?
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expenditure allowed?
Replies (1)
As per income tax act
if interest on loan is paid for business purpose then you can take deduction in p&l
if interest on loan is paid for business purpose then you can take deduction in p&l
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