Deduction of interest paid

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2011 Let me know the interest paid to loaner is allowable expense or not. if it is allowable against the income from other source.

CA Ashwani Agarwal (Expert)
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31 July 2011 Yes it is allowable if you can prove that the loan was taken to earn the income from other sources.

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