Interest free laon
This query is : Resolved
09 March 2015
I have taken an amount of Rs 4 lac from my father. i have invested the money into fixed deposit. I file ITR.
How can I* show this amount and the interest earned in my return.
How can I* show this amount and the interest earned in my return.
CA. Brijesh Baranwal
(Expert)
10 March 2015
Add the same under the head "income from other sources"
Lalit Kumar
(Expert)
10 March 2015
a) If the person is filing ITR 1, the interest receipt will be shown under the head IFOS and the amount of 4 lac which has been invested in fixed deposits will have no room in the ITR.
b) If the person files ITR 4, the investment in fixed deposits will be shown in the asset side of the balance sheet under the head Loans and advances and the respective interest receipt will be shown under IFOS.
b) If the person files ITR 4, the investment in fixed deposits will be shown in the asset side of the balance sheet under the head Loans and advances and the respective interest receipt will be shown under IFOS.
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