Deduction from other sources income
Querist : Anonymous
Is interest expense allowed as a deduction from income from other sources.
Example,
There is income of interest on FDR and at the same time there is expense of interest on OD.
Now my question is, is interest expense of OD deductible from interest income of FDR ??
If answer is yes, then how to show the same in ITR ??
Thanks.
Querist : Anonymous
Can you please let me know how to show the same in ITR.
Should the interest on FDR be reduced by the amount of interest paid on FD, and net amount to be shown in ITR.
Thanks
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