Deduction of interest under section 57
This query is : Resolved
vinod jindal
(Querist)
01 January 2014
Person borowed money form bank and give its futher to company to earned interest income
TOtal interest Received 50.00 lacs
Total Interest paid to Bank 52.00 lacs
My question is whether he is eligible for deduction of Rs 50 lacs or 52 lacs under section 57
TOtal interest Received 50.00 lacs
Total Interest paid to Bank 52.00 lacs
My question is whether he is eligible for deduction of Rs 50 lacs or 52 lacs under section 57
CA.Sourabh Sethia
(Expert)
01 January 2014
but how can one take loan from bank for further Loan to company
he is eligible for 52 Lacs if he has actually paid the interest & money lending is his business
he is eligible for 52 Lacs if he has actually paid the interest & money lending is his business
Nikhil Kaushik
(Expert)
02 January 2014
agreed with Sethia. The relevant clause is the purpose of loan as stated by the bank at the time of sanction of loan.
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