If a person takes a gold loan and invests the same in the firm in which he is a partner,will this loan amount be allowed as a deduction from Gross wealth of the partner for the purpose of computation of Net wealth??
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Wealth tax
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An deduction can be availed from an asset, only if any liability is incurred for acquiring that asset. If this is not the case then no deduction wud be allowed while computing the net wealth of the assessee.
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