Whether interest paid on LIC Loan taken against security of LIC is deductible as business expenditure ?
(Loan taken for business purpose)
Govind Inani (Business) (203 Points)
07 August 2010Whether interest paid on LIC Loan taken against security of LIC is deductible as business expenditure ?
(Loan taken for business purpose)
Ajay Garg
(CA FINAL)
(101 Points)
Replied 07 August 2010
I THINK YES, PROVIDED AMOUNT OF LOAN IS WHOLLY AND EXCLUSIVELY USED FOR BUSINESS PURPOSE.
Ronen
(Article)
(30 Points)
Replied 09 August 2010
Interest on any Loan taken for Business Purpose is deductable as expenditure u/s 36(1)(iii) of IT Act 1961. File attached.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
