Iint on loan taken from brothers

This query is : Resolved

kailash garg (Querist)
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06 November 2017 dear sir,

I am salaried person and taken loan from my brother. Rs 3 lakh and paid interest 45000 out of which I have pay Rs 4500 as tds on brother PAN

Now in Brothers ITR, brothers get refund of this Amount because his total income is around two lakh.

but what i have to show in MY ITR to reduce my Taxable income from 45000/- which i had paid to my Brothers As interest on loan from brothers.
pl advice

k garg

kailash garg

kailash garg (Querist)
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06 November 2017 PL REPLY ON ABOVE MATTER

kailash garg

kailash garg (Querist)
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06 November 2017 PLEASE REPLY

Sumeet

Sumeet (Expert)
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06 November 2017 You cannot deduct 45000 in your ITR if your only source of income is salary, interest on loan expenditure can be deducted from business profit if the loan is used for the purpose of Business. It could also have been deducted from Income from Other Sources if loan was used for the purpose of earning that income. Since you are a salaried person, loan cannot be said to have been used for earning salary income. It will be considered as personal expenditure and hence not deductible.

kailash garg

kailash garg (Querist)
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06 November 2017 I AM SALERIED PERSON BUT I HAVE OTHER INCOME FROM INTERESTED SO IN THIS CASE MAY I USE THIS EXPENDITURE

kailash garg

kailash garg (Querist)
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06 November 2017 OR IF I WILL SHOW SOME INCOME FROM BSUINESS TO THEN IT IS DEDUCTABLE FROM MY INCOME

Sumeet

Sumeet (Expert)
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06 November 2017 Yes, Interest paid can be deducted from Business Income or any Other Source Income if loan is used for respective purpose

kailash garg

kailash garg (Querist)
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07 November 2017 DEAR SIR,
I HAVE SOME INTEREST INCOME OF AROUND 20000 SO I WILL SHOW IN MY ITR INCOME FROM OTHER SOURCES 20000 AND ALSO SHOW INTEREST PAID OF RS 45000 IN WHICH COLOUMN TO GET THE BENEFITS

PL ADVICE

kailash garg

kailash garg (Querist)
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07 November 2017 PL SUGGEST MAY I SHOW INCOME FROM OTHER SOURCES 20000 AND INTEREST PAID 45000 TOTAL LOSS IS 25000 IN COLUMN OF INCOME FROM OTHER SOURCES NEGATIVE FIGURE

kailash garg

kailash garg (Querist)
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08 November 2017 pl reply ..........................................

kailash garg

kailash garg (Querist)
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08 November 2017 ADVICE PLEASE...............

Sumeet

Sumeet (Expert)
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09 November 2017 Yes, But make sure u comply with the provisions of 269ss and 269t i.e. loan should not be accepted or repaid by any mode other than Account Payee Cheque or Account Payee Bank Draft.

kailash garg

kailash garg (Querist)
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09 November 2017 I will take loan from online money transfer Account to Account which show transfer entry in both A/c,s
And i will also paid TDS on the amount which I can paid for interest to my Brothers

Sumeet

Sumeet (Expert)
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09 November 2017 TDS provision is not mandatory for you, since in case of Individuals and HUF deduction of TDS is only required if audit was applicable in previous year

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 October 2021 Yes, you are not required to obtain TAN also.

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