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Deductions againts interest income

This query is : Resolved 
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(Querist)
18 May 2012
Is interest on loan taken against an existing property deductible against interest income chargeable under income from other sources?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
18 May 2012 Deductions are allowed only for expenditure incurred for earning the income. Only expenditure which has been incurred to earn that particular income shall be allowed.

Provide the following details:
1. Nature of interest income.
2. Purpose & utilisation of loan.
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