Loan applied in acquiring interest in companies
19/03/1992
Query
Borrowings on a loan were used for 1) financing a qualifying home loan and 2) for a qualifying loan to a company.
Decision
Subject to satisfying the necessaty conditions, relief may be allowed on the interest paid under the relevant sections of the act, based on the appropriate percentage of the loan
Income Tax
Section 248, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT 92 2021