Question And Answer
Subject: interest paid on personal loan
Querist: prasad pawar
Answered by:
Tags: , ,
Date: July 4, 2023
Query asked by prasad pawar

I have paid interest on personal loan taken for acquisition of a capital asset  . i want to claim  the interest paid by adding to the cost of the asset . can I have case laws allowing the same as my Ao has disallowed the same

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As long as the assessee is able to demonstrate that the loan borrowed was applied for the acquisition of the capital asset the interest cost would be added to the cost of the asset. Whether the loan was a personal loan or housing loan, would not make a difference.

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