Deduction of Expenses from Interest Income
This query is : Resolved
02 January 2021
Dear sir,
I am a retired person having only interest income from fixed deposits and some capital gains from stock market. I am incurring some expenses like transportation, mobile bills etc. for maintaining my fixed deposits. Can I deduct these expenses from the interest income of fixed deposits while calculating tax payable ?
Thanks
I am a retired person having only interest income from fixed deposits and some capital gains from stock market. I am incurring some expenses like transportation, mobile bills etc. for maintaining my fixed deposits. Can I deduct these expenses from the interest income of fixed deposits while calculating tax payable ?
Thanks
CA R SEETHARAMAN
(Expert)
03 January 2021
No, such expenses are not allowed for deduction from interest income.
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