Whether interest paid on LIC Loan taken against security of LIC is deductible as business expenditure?
(Loan is taken for business purpose)
Govind S Inani (Proprietor) 07 August 2010
Whether interest paid on LIC Loan taken against security of LIC is deductible as business expenditure?
(Loan is taken for business purpose)
Shayan Khan (B.com) 07 August 2010
If the loan is exclusively taken for the business or profession then interest thereon is allowed as a business expenditure.
AMIT BAJAJ ADVOCATE (ADVOCATE) 07 August 2010
Yes if the loan taken for business purpose, interest thereon is allowable expenditure from the profits of such business
Laxmanrao Lokare (retired bank officer) 08 August 2010
Dear sir,
The expenses/investment are important factor for business to earn.witout earning there will be no income.when there is no income applcability of tax wil not arrise.source of investment and interest paid on the income earned is deductible.source may be lic of india or through any finance even hand loans to earn income and interest paid on such loans is elegible for deduction under income tax.
Thanking you
L S Lokare
Add.
EWS-675,Navanagar-Hubli
HUBLI-580025.Karnatak State.