claiming of deduction u/s 57
This query is : Resolved
Subhajit Mandal
(Querist)
03 November 2016
an individual salaried person claim deduction u/s 57 & he netting interest income from unsecured loan with Interest expenditure. is it allowable u/s 57. He took loan @11% & gave loan @12%. both from the individuals in the same year. is it legal. please clarify these two points. his total income comprised of salary & other source.
Amol S Joglekar
(Expert)
03 November 2016
1% difference is his income. He can claim incidental expenses
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