MUMBAI: Tax laws provide that expenditure incurred in relation to exempt income will not be allowed as a deduction in the hands of the tax payer. The Central Board of Direct Taxes (CBDT), in a recent circular, has further clarified that such deduction will not be allowed against other taxable income, even if the tax payer has in that particular year not earned any exempt income. This clarification has far reaching significance for investors who borrow money for investing in shares and earn tax-e ..
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