Interest deduction
This query is : Resolved
28 November 2009
Is excess of Interest paid over received is deductible from Salary income for cumputing total income for tax purpose.
28 November 2009
Interest income is to be shown under the head 'income from other sources'. If the interest paid is for earning interest income set off is permitted . Otherwise set off will not be permitted vide supreme court decision in CIT Vs. Dr. V.P GOPINATHAN. If set off can be taken, as discussed above, and the net result under the head 'income from other sources' is -ve it can be set off with salary income in the same assessment year as per section 71(1) of the Income tax act,1961.
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