Income from other sources
This query is : Resolved
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 ??
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.
24 February 2014
ohk...thanks for rply
24 February 2014
you are welcome Sneha...
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