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can we set off with salary income with interest (paid) loss?

This query is : Resolved 
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(Querist)
26 March 2011 Mr. X borrowed Rs. 40,00,000 from bank and agree to pay interest and he invested the money in a company as capital contribution. He has paid Rs.4,80,000.00 as interest during FY: 2009-2010, and has not received any interest on capital from the company, but Rs. 2,00,000.00 as remuneration. Is the interest of Rs.4,80,000.00 can be set off against the salary income ?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
26 March 2011 Interest cannot be set off against Salary income
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CA. Lohith Jagadeesh

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CA. Lohith Jagadeesh (Expert)
26 March 2011 Hi,

There is Provision in the Income Tax Act 1961 for such a set off, therefore its not possible.

Regards

CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
27 March 2011 I hope only Loss from House property can be set off at the time of calculation of TDS
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