Interest deduction
This query is : Resolved
mansuri shabana
(Querist)
14 February 2014
i have taken housing loan on 10%. i have income of FD interest. i am getting 12% return or interest. can i take deduction of FD interest against housing loan interest . i am salaried person.
Nikhil Kaushik
(Expert)
14 February 2014
Yes you can. The interest income ia taxable is taxable under section 56. Expense against it can be claimed under section 57.
14 February 2014
yes sec 56 and sec 57-deduction from income from ther source allows this.
AVTAR SINGH
(Expert)
14 February 2014
You can claim deduction of interest only if the amount on which you are paying interest has been utilised for making FD. If the amount has been utilised for purchase of house, you can't claim interest paid on that amount from interest earned by you from FD.
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