deduction under income from other sources

This query is : Resolved

CA PAYAL GUPTA (Querist)
Follow

15 July 2011 hii to all
one of my client have expenditure of interest paid on deposit to otheres.i have shown this expenditure as deduction under section 57 as general expenditure. cpc not taken this expenditure and issue sec 143 notice. my question is
1. how to show this expenses if my only income is income from other sources.
2. how to answer the section 143 notice about the treatment of interest expense.

3 under which head it is shown
reply me as soon as possible.
thanks to all in advance

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

15 July 2011 What are the items appearing in income from other sources is to be seen and for what purpose you have taken the loan.

If loan taken is for business purpose then it will be allowed against business income.

If loan has been taken for purchase of shares then this expenditure will not be allowed as Section 14A WILL BE APPLICABLE.

SO GIVE THE FULL DETAILS OF YOU INCOME FROM OTHER SOURCES.

CA PAYAL GUPTA

CA PAYAL GUPTA (Querist)
Follow

27 July 2011 thank u sir. but my quistion is there what if

as no buisness income and only income from other sources.
income from other sources contains
1 bank interest
- income from sale of agriculture land
- shop rent income"
- short term share profit

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok