Deduction u/s 57
This query is : Resolved
16 November 2012
An assessee has borrowed money and is lending the same to accrue interest income under the head Other Sources. Is he eligible to claim deduction u/s 57 ? Meanwhile the A.O has disallowed the deduction for the borrowed amount.
23 November 2012
Dear sir ,
1. Any income which is not falling under other four heads of income will appear under income from other sources .....
2. So getting interest from lending money will appear under income from other sources ....
3. No he will not the deduction bcoz section 57 tells that any related expenses for getting that interest will be allowed as the deduction ......
1. Any income which is not falling under other four heads of income will appear under income from other sources .....
2. So getting interest from lending money will appear under income from other sources ....
3. No he will not the deduction bcoz section 57 tells that any related expenses for getting that interest will be allowed as the deduction ......
Message likes :
1 times
24 November 2012
But Sec 57(3)says
"Any other expenditure (not being a capital expenditure) expended wholly and exclusively for the purpose of earning such income"
And in this case interest on borrowed amount is directly related to income earned......then how come the A.O. disallow such Expenditure.??????????
"Any other expenditure (not being a capital expenditure) expended wholly and exclusively for the purpose of earning such income"
And in this case interest on borrowed amount is directly related to income earned......then how come the A.O. disallow such Expenditure.??????????
13 August 2023
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- NRI starting business in India
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- ADVANCE PAYMENT OF ADVOCATE
- DIN reactivation
- GST rate and HSN code for sale of racing horses
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
