Deduction on interest paid on loan against fd
This query is : Resolved
17 July 2016
I am a pensioner and senior citizen.
This year I recevided income through pension and FDs amounting to Rs 667026. During January 2016 I got loan exclusively for my daugher's marriage (no other sources for conducting marriage) of Rs 1300000 (thirteen lakhs) on pledge of my FDs and I paid interest on the loan about Rs 36000. if this interest I paid be deductable from the interest income I earned during the year 2015-2016
This year I recevided income through pension and FDs amounting to Rs 667026. During January 2016 I got loan exclusively for my daugher's marriage (no other sources for conducting marriage) of Rs 1300000 (thirteen lakhs) on pledge of my FDs and I paid interest on the loan about Rs 36000. if this interest I paid be deductable from the interest income I earned during the year 2015-2016
Amol S Joglekar
(Expert)
17 July 2016
No. This interest is not as such deductible...
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