Mortgage loan interest claim allowed
This query is : Resolved
27 January 2022
Sir,
It assessee mortgage loan from bank rs:60 lacs received.assessee int paid rs:8 lacs on
mortgage loan.
Question:
Loan interest pay amount claimed allowed in it act.
2.int amount debited to capital account or p&l account.
It assessee mortgage loan from bank rs:60 lacs received.assessee int paid rs:8 lacs on
mortgage loan.
Question:
Loan interest pay amount claimed allowed in it act.
2.int amount debited to capital account or p&l account.
27 January 2022
If the loan is used for business it's allowed and can be debited to p and l account.
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