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Income from Other sources

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(Querist)
02 December 2010 Question :
Can interest paid on borrowings be claimed as deduction u/s.57 against interest received. If the said assessee is not carrying on any business.
Kindly Guide.

I have a case where one of the assessee has claimed Rs.60280 interest paid against interest received Rs.17326.

Kindly Advice.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
02 December 2010 If the amount has been borrowed exclusively for the purpose of investment, and there is a direct link between income and expenditure, dedction is allowed.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
02 December 2010 Agree with Bhagat Sir.if there is a direct link ,then you can deduct the interest paid from interest received.
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