i have received interest on capital from partnership firm , can i get the deduction u/s 57(III) against this ? can i show allowable expenses against this income ?
17 March 2015
Deduction u/s 57(iii) is available only out of income chargeable under the head 'income from other sources' whereas interest on capital from partnership firm is chargeable to a partner under the head 'income from business' therefore no deduction is available.
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