Income from other sources

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sneha israni (Querist)
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21 February 2014 One of my client has Interest from F.D as income. he says he wants to setoff the interest by paying Interest on Unsecured Loans. is it possible that the interest from F.D will not be chargeable to tax is the Interest on Unsecured Loan is paid off. If yes ?? under which section ??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 February 2014 expense deduction against income from other sources is provided under section 57. however, in this case you need to establish that the interest paid on unsecured loans was for the purpose of earning interest on FD!!! if you can construct such an argument you might be able to claim deduction.

sneha israni

sneha israni (Querist)
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24 February 2014 ohk...thanks for rply

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 February 2014 you are welcome Sneha...

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