I have borrowed money from a friend

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Rachit Awasthi

• September 21, 2020 13:29

I have borrowed money from a friend and used that amount to invest in the market.  I have made profits and paid interest to the friend. Can I deduct these expenses from my income?

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  Team Quicko

  • September 21, 2020 13:30

  Hey Rachit,

  You can report your trading income under the head ‘Business and Profession’ while filing your ITR, and claim the advisory fees as your business expense. You can also claim the interest paid as a business expense. Since the loan is taken to earn the trading income.

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