Sir my study text mentions that "the purchase of shares in an employee-controlled trading company by a full time employee" is considered as QIP and hence allowed to be deducted as relief from total income.
Can you explain what does this mean?
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Qualifying Interest Payments(QIPs)
Preferably by giving an example.
Thanks and much appreciate sir.
It is a rule - a statement of fact. If that specific payment is made then it is an allowable deduction. If you see that statement made in a question then apply that rule.
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