Loan for business
This query is : Resolved
30 July 2018
Dear All,
If A and B took joint loan for business they are husband and wife , but only B is proprietor in a business. Then under Income tax law B can avail any benefit ? We can show this loan as secured loan in B's business.
If A and B took joint loan for business they are husband and wife , but only B is proprietor in a business. Then under Income tax law B can avail any benefit ? We can show this loan as secured loan in B's business.
31 July 2018
Important test is utilization of funds obtained through loan. If it is utilised wholly, necessarily and exclusively for the purpose of Business, then the proprietor can take the deduction.
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