if any one have 20lakh fund and invested 10 lakh in his proprietor ship firm and rest funds borrowed from other and paying interest on it.but his own surplus funds of 10 lakh given to immediate family member without interest .so my query is paying interest in firm is eligible for deduction or not. please clarify
thanking you
Menu
interest deduction eligible or not
Replies (3)
Yes, deductible..... but subject to interest chargeable over loan given to relatives....
loan given to relative with out interest
Assessing Officer has right to charge tax over the interest free loan as against interest paid by you.
Recent Topic
- While e filing otp not generating
- INCOME FROM CLOSING OF NSS -1992 -EXEMPT UNDER W
- GPF AND COMMUTED PENSION RECEIVED
- How do I choose the correct trademark class? Can I
- Error in totalling salary amount in AIS
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
Related Topics
CAclubindia
