Income from other sources
This query is : Resolved
06 February 2014
A partnership firm has kept deposits in a company and also has accepted some deposits from relatives of partners. Firm has stopped it's business operations and receives interest income and income from house property. Whether Interest paid on deposits accepted can be set off against interest received? Both deposits accepted and paid are old one and nexus can not be established between the deposits received and deposits made.
06 February 2014
Set off will not be possible for want of evidence to prove that expenses are incurred to earn income.
Gross income may be offered under the head 'income from other sources' since the business is stopped.
Gross income may be offered under the head 'income from other sources' since the business is stopped.
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