Have taken Unsecured Loan for my sister's education which was directly debited in Bank A/c..
Monthly Interest was paid for couple of quarters..
Now want to return that loan amount..
Query is..
1) From Tax perspctive, do i need to show reverse effect of giving back that loan amount from same bank account only or can give back from any other mode??
2) Can i use interest paid for that unsecured loan for tax deduction?
Thanx in Advance..
CAclubindia
