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Taxability of income from capital received by a proprietor

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26 Points Posted on 24 October 2019
if a proprietor received interest income on capital. Is this income allowed or disallowed as per income tax act. if disallowed what is sec please tall me. thankyou
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On 24 October 2019 at 16:40 Report
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Student CA CPT
29 Points Posted on 24 October 2019
In case of sole proprietorship, proprietor is not having any different identity, so how would it be treated as income on capital
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On 24 October 2019 at 18:01
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12244 Points Posted on 24 October 2019
You can't pay interest to yourself. so you can't claim deduction for interest from your profits
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On 24 October 2019 at 22:27
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17264 Points Posted on 24 October 2019
Interest on capital of proprietor is not expenditure but it's appropriation of profit.

The question of it's Allowance as expenditure does not arise
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On 24 October 2019 at 23:32
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26 Points Posted on 25 October 2019
Thankyou sir but under which sec it is not allowed as expenditure to the propreitorship please tell me sir
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On 25 October 2019 at 08:23
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17264 Points Posted on 25 October 2019
There is no need of any section for your query.
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On 25 October 2019 at 12:02


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