Can interest on loan be claimed as expenses against short-term gain on sale of shares.
If the borrowed amount from bank is invested for acquisition of shares.
No. Under Capital gains, such expenditures are not claimable.
Manjiri Juvekar (54 Points)
03 August 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174741 Points)
Replied 03 August 2022
No. Under Capital gains, such expenditures are not claimable.
Shaikh Firoz
(37 Points)
Replied 03 August 2022
Manjiri Juvekar
(54 Points)
Replied 03 August 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174741 Points)
Replied 03 August 2022
Yes, if its your routine business.
Manjiri Juvekar
(54 Points)
Replied 03 August 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174741 Points)
Replied 03 August 2022
1. If the transactions are very frequent, mostly on daily basis, then you can treat it as business income; otherwise difficult to be accepted.
2. When already declared under CG, better not to change it for creating any suspicion, specifically, when income gets reduced.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
