I HAD BUY RESIDENTIAL PLOT OF Rs. 500000, ON WHICH I BORROW FUND FROM MY FRIENDS OF Rs. 200000. Can WE ADD INTEREST PAID AMOUNT TO COST OF MY PLOT OR NOT AS PER INCOME TAX LAWS.
PLEASE ANSWER MY QUESTION AT EARLIEST.
VIKASSANCHETI (ARTICLE ASSISTANT) (43 Points)
27 October 2020I HAD BUY RESIDENTIAL PLOT OF Rs. 500000, ON WHICH I BORROW FUND FROM MY FRIENDS OF Rs. 200000. Can WE ADD INTEREST PAID AMOUNT TO COST OF MY PLOT OR NOT AS PER INCOME TAX LAWS.
PLEASE ANSWER MY QUESTION AT EARLIEST.
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 27 October 2020
ayusmita
(Tax consultant)
(5885 Points)
Replied 27 October 2020