Misutilisation of home loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2013 what are the provisions applicable, if an assessee has taken a home loan in his individual file and utilised the same amount for purchasing shares in a company?
please mention the provisions applicable to company as well as individual.

@VaibhavJ

@VaibhavJ (Expert)
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02 March 2013 Hey

Consequences will be that benefits availed by showing Int. on HL & Principle repayment would be dis allowed & Tax liability will be calculated with Int & Penalty.

Thanks!!