interest on PL

RAUF M. SAYYED (TAX CONSULTANT) (62 Points)

11 October 2007  

Can interest charged on personal loan be claim in income tax. loan is utilised for sole proprietorship business purpose and reflect in balance sheet of the co.



whether the same can be considered under section 37 of income tax for deduction

pls. reply at the earliest.


Regards


Abdul Rauf