Whether interest paid on LIC Loan taken against security of LIC is deductible as business expenditure ?
(Loan taken for business purpose)
Menu
LIC Loan Interest
Replies (3)
I THINK YES, PROVIDED AMOUNT OF LOAN IS WHOLLY AND EXCLUSIVELY USED FOR BUSINESS PURPOSE.
Interest on any Loan taken for Business Purpose is deductable as expenditure u/s 36(1)(iii) of IT Act 1961. File attached.
Hi... Ronen
Thanks for sharing
Recent Topics :
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
Related Topics :
CAclubindia
