Int on loan & int on fixed deposit can setoff

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2011 A person having income from partnership firm like int. on capital;remuneration from firm & profit from firm & Other than this having income of interst from Fixed deposit & exp. Interst on Personal Loan.
1.Can he file ITR4 or ITR3.
2.Can Int. can be setoff.

anurag

anurag (Expert)
Follow

13 December 2011 ITR 3,
Interest can not be set off.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

13 December 2011 Interest paid by a partner on the personal loan is not allowable as a deduction.

Further, remuneration received by a partner from a partnership firm is taxable under the head Income from Business or Profession.

Accordingly, the assessee will have to file ITR 4.

anurag

anurag (Expert)
Follow

13 December 2011 It is correct that remuneration received from the partnership firm is taxable under PGBP, but this column is available in ITR 3,
plz check BP schedule of ITR 3.
Hence ITR 3 will be applicable.
Regards.

anurag

anurag (Expert)
Follow

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
Follow

14 December 2011 ITR 3 can be filled by partner of a partnership firm.

i am agree with anurag

Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

RAGHUNATH KASIBHOTLA

raval umesh

Rameshkumar Jain

DSK TMC

Hemkumar

Subscribe Now

Int on loan & int on fixed deposit can setoff

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA