Interest on loan against property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2011 A Consultant has taken loan against property.

He wants to set off the payment of interest paid on such loan against his professional receipts.

My question is can he claim such interest paid on loan.

One point is here that he is not showing property in the balance sheet.

Can he do so.

Yogesh Agarwal

Yogesh Agarwal (Expert)
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14 November 2011 The purpose of loan taken is not clear, if it is for the profesional purpose then it can be taken, it does not matter the property is not there in his balance sheet...

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