Income from other sources
This query is : Resolved
Naresh Kumar
(Querist)
12 July 2012
if a bank employee has facility of overdraft that is provided by the bank
then interest paid on that overdraft account
can set off with the salary income
then interest paid on that overdraft account
can set off with the salary income
CA SANJAY MUKHERJEE
(Expert)
12 July 2012
No. If the overdraft facility is for any business or profession then the interest can be treated as expenses for computing the profits or gains from such business or profession.
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