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Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2012 Can Individual get deduction of Int paid on loan from int recd on loan while calculating Income from other source ???eg...Income recd on loan is 150000 and paid is 100000 so can we consider ifos income as Rs.50000... reply asap ..thanks in advance

Chintan Shah

Chintan Shah (Expert)

19 December 2012 In this case, interest paid of Rs. 1,50,000 can be deducted from interest income only if said interest is paid for earning interest income. Unless direct nexus is established, you cannot claim interest expenditure against interest income.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2012 Thank U Chintan

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