If a buyer, instead of raising a loan from a third person, enters into an arrangeme with the seller to pay sale price in instalments along with interest due thereon.
Q- interest paid thereon shall b allowed as deduction U/S 24(b) ?
If a buyer, instead of raising a loan from a third person, enters into an arrangeme with the seller to pay sale price in instalments along with interest due thereon.
Q- interest paid thereon shall b allowed as deduction U/S 24(b) ?
Property constructed on commercial site, the purchase price paid in installment with interest, the interest portion of the installment allowed as deduction under sec 24 (CIT V Sunilkumar Sharma (2002) 254ITR103 (p&H).
Thanx a ton Pawan.
CAclubindia
