Deduction u/s. 57
This query is : Resolved
Yogesh Mistry
(Querist)
02 November 2012
Assessee has taken a home loan.
Out which some amount given to other related party, which is used for some other purpose.
And assessee has earned interest income from it.
Can interest paid on home loan be allowed as deduction u/s.57 against such interest income.?
Out which some amount given to other related party, which is used for some other purpose.
And assessee has earned interest income from it.
Can interest paid on home loan be allowed as deduction u/s.57 against such interest income.?
Amol S Joglekar
(Expert)
02 November 2012
Int on housing loan can be claimed ONCE either under" income from house pproperty" or as you pointed out in "income from other sources" The assessee has the choice to selcet the one which is beneficial to assessee.
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