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Fd interest - is it capital gain?

nirav (Others) (50 Points)

22 September 2015

Is FD interest considered as (short term) capital gain? If yes, can loss under future/options set off against FD interest for income tax purpose? Also, since tax on FD interest is to be paid on accrual basis how it can be set off against STCL in F&O?

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4 Replies

Miss Rinkal (Student) (1304 Points)
Replied 22 September 2015

No FD interest is taxable as income from other sources. Income(+ve or -ve) is chargeable as business income and not under capital gains. FD interest can be set off against business loss

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 23 September 2015

Its Interest income, not under CG.

nirav (Others) (50 Points)
Replied 23 September 2015

IF a debt mutual fund is sold (lets say in less than 3 years of buying it is sold) then that short term gain can it be set off against losses in shares futures/options?