Whether interest paid on LIC Loan taken against security of LIC is deductible as business expenditure ?
(Loan taken for business purpose)
3 Replies
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.
Attached File : 27 other deductions.doc downloaded: 309 times
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