LCI Learning
Master the Art of Contract Drafting & Corporate Legal Work with Adv Navodit Mehra. Register Now!

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

payment of Interest on loan u/s 36(1)(iii)-Is it allowable with respect to exempt income?

(Querist) 06 August 2011 This query is : Resolved 
Respected Experts

I have one doubt regarding the taxability of agricultural income in partial integration

Payment of intt on loan u/s 36(1)(iii),which is taken for purchase of agricultural land -
whether it is allowed from agricultural lncome or not i.e its attracts disallowances u/s 14 of Income tax act ?
Kindly reply query with ref of income tax act & case laws .
Thanks
soumitra basu (Expert) 07 August 2011
If the purpose of purchasing agricultural land is for having agricultural income, then section 14 will be attracted. Otherwise not.
MANSHA -CA STUDENT (Querist) 07 August 2011
Thanks for reply sir
yes ,it is for agricultural land .
Can u give any case reference ?
Raj Kumar Makkad (Expert) 07 August 2011
I agree with Basu.


You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :