Intesrest paid to the bank on personal loan obtained for start of business/ profession should be allowed as business expenditure under the head financial cost.
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Whether interest on personal loan be allowed as business exp
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Sir if you have taken any loan to buy an asset then Isuggest you to capitalise it. But I as per your case I think you may not get such benifit as the business come into existance later. I think we should take it as preliminary expenses and writeoff they same In p&l a/c if possible.
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