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Expenses in the head of other sources

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 December 2015 Sir,

A thumb rule of Income tax that one person gaining and other person getting loan.

then if i have given any body loan and receiving interest i.e. chargeable under other sources.
and if it's reversed and i have to paid interest to others then can i claim it's under other sources.

because i have not any other head of income.

please tell me in detail.

Thanking you
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
15 December 2015 You can claim interest as expenditure against certain income. You have to justify your claim also that the said expenditure has been done exclusively for earning the said income.
.
Plainly, you can not claim interest expenses incurred on the loans to meet your personal requirements or expenditures.
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