Whether interest paid on LIC Loan taken against security of LIC is deductible as business expenditure ?
(Loan taken for business purpose)
Whether interest paid on LIC Loan taken against security of LIC is deductible as business expenditure ?
(Loan taken for business purpose)
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
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