income from other source query ?
This query is : Resolved
24 June 2010
interest paid/exp. can i claim as a deduction u/s.57????
one person have income as following ...
1. interest from ucobank fd RS: 127630/-
2. Interest from mr.abc firm RS.: 258730/-
3. bank interest RS.: 28437/-
INTEREST EXPENSES
interest paid to MR. XYZ rs. : 79838/-
can i claim interest expenses as a deduction under section 57. ??????
as per the section some confusion is there... the person taken loan and paid interest of above????
one person have income as following ...
1. interest from ucobank fd RS: 127630/-
2. Interest from mr.abc firm RS.: 258730/-
3. bank interest RS.: 28437/-
INTEREST EXPENSES
interest paid to MR. XYZ rs. : 79838/-
can i claim interest expenses as a deduction under section 57. ??????
as per the section some confusion is there... the person taken loan and paid interest of above????
24 June 2010
Whenever is loan provided by any person it is provided for any purpose. If loan is provided for any purpose and there is any income which is taxable under the head Other Sources then deduction will be eligible u/s 57. But in your query the purpose of loan repayment is not mentioned in such a case realted section may change.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
