Yes, you can claim the interest expense on a business loan while filling out your ITR.
Thank you very much Shrutika mam
Could you please give me any link to know more about this? Because I need to know the process to get loan and to know about the loan limit, interest rate, eligibility and Brokerage firms/Financial institutions providing the same
Please help me here mam
Quicko is a tax planning and filing platform. We will be able to answer all your tax-related queries.
You can contact your bank and your broker for any further guidance.
Understood Shrutika. Thank you very much for your swift responses.
Can you please confirm in case of demise of FnO trader with declared business loss (i.e. Loss declared in ITR), can the nominee carry forward the loss?
If so, for how long?
Hi
Normally business income/loss is allowed tk be carried forward and as FnO is also considered business income i thought that the same yardstick may be applicable to both.
Just my thoughts.
Hey @Max,
In case of individuals, such carrying forward of losses is not allowed for the nominee. However, the rules differ for partnership firms and companies.