Deduction of interest expenses against interest income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 October 2011
I am a salaried employee and don't have any business income. I have placed FD with Bank and I also have OD limit against this FD.
Can I deduct Interest expenses paid on Overdraft against Income received from FD under Income from Other sources ?
Whether Interest expenses on OD is allowable against Interest earned on FDR in case of individual not running any business.
Overdraft facilities may be used for investments in shares/flat/house property etc.
Can I deduct Interest expenses paid on Overdraft against Income received from FD under Income from Other sources ?
Whether Interest expenses on OD is allowable against Interest earned on FDR in case of individual not running any business.
Overdraft facilities may be used for investments in shares/flat/house property etc.
12 October 2011
Deduction can be availed only if the loan on which interest is paid is used to earn any income. If you are using the limit for your your personal purposes then the same cannot be used to claim as a deduction.
12 October 2011
Can't set off vide Suprreme court decision in
CIT Vs. Dr. V.P. Gopinathan.
CIT Vs. Dr. V.P. Gopinathan.
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