Deduction of Pymt of Int. agst Int. income earned.
This query is : Resolved
30 January 2011
Dear Experts,
Ours is a pvt ltd co. directors of our co. have taken loan of rs.2 crore @ 15% p.a. from market.
They have given this rs. 2 crore to our company to invest in company's project.
Company will be paying it on this loan taken from directors @ 12% p.a.
total int paid by director to outsiders form whom he has taken loan say rs.15 lacs. & int earned by director from our company say, rs.12 lacs.
May query is ..
1) int paid on loan taken rs.15 lacs can be allowed as deduction agst int incomes of rs.12 lacs?
2) can rs.3 lacs (minus Rs.3 lcas) be adjusted agst other incomes for from other sources?
Waiting for ur reply..
Thanks in advance,
Regards,
Sushil.
Ours is a pvt ltd co. directors of our co. have taken loan of rs.2 crore @ 15% p.a. from market.
They have given this rs. 2 crore to our company to invest in company's project.
Company will be paying it on this loan taken from directors @ 12% p.a.
total int paid by director to outsiders form whom he has taken loan say rs.15 lacs. & int earned by director from our company say, rs.12 lacs.
May query is ..
1) int paid on loan taken rs.15 lacs can be allowed as deduction agst int incomes of rs.12 lacs?
2) can rs.3 lacs (minus Rs.3 lcas) be adjusted agst other incomes for from other sources?
Waiting for ur reply..
Thanks in advance,
Regards,
Sushil.
Guest
Guest
(Expert)
30 January 2011
Yes interest paid can be set off against the interest income and other incomes from other sources also.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Relief u/s Section 89
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Plot of land. Cost of Acquisition
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
