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Interest deduction on loan for ipo

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(Querist)
16 February 2013 The assessee has taken loan for the purchase of IPO. Dealing in share is not his business.Will the interest accruing on such loan be deductible??
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
16 February 2013 since the same is not his business the same is not deductible

have other Expert opinion
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Pankaj Joshi

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Pankaj Joshi (Expert)
16 February 2013 Agreed with sourabh, the capital of the assessee shall be reduced by the amount of interest on loan.
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