can we set off with salary income with interest (paid) loss?
This query is : Resolved
LALIT VYAS
(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 ?
CMA Ramesh Krishnan
(Expert)
26 March 2011
Interest cannot be set off against Salary income
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
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
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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