Is interest expense allowed as a deduction from income from other sources.
Example, There is income of interest on FDR and at the same time there is expense of interest on OD. Now my question is, is interest expense of OD deductible from interest income of FDR ??
If answer is yes, then how to show the same in ITR ??
24 July 2014
as I said before, you need to first establish that OD was taken to invest in a FD. Can you prove that? given FD interest is generally lower than OD interest?