| Question And Answer | |
|---|---|
| Subject: | interest paid on personal loan |
| Category: | Income-Tax |
| Querist: | prasad pawar |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | House property interest paid, income from house property, Interest |
| Date: | July 4, 2023 |
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
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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