experts confusing me about income from other source (u/s 57)
This query is : Resolved
Vijay Parmar
(Querist)
24 June 2010
i ask 3rd time question... being confuse... some experts say interest paid on loan is allowable deduction u/s 57. and some say this interest is not allowed...
simple question
if any one received interest on loan & fd and paid interest on loand. .
can we claim interest paid as a deduction...
plz dont confuse.... simple answer....
simple question
if any one received interest on loan & fd and paid interest on loand. .
can we claim interest paid as a deduction...
plz dont confuse.... simple answer....
Aditya Maheshwari
(Expert)
24 June 2010
If loan funds have been used to generate any income and such income is taxable and interest is paid on borrowings then the same will be allowed as a deduction from the income.
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