Interest income
This query is : Open
kailash garg
(Querist)
13 April 2018
Dear sir,
I am salaried person and taken loan from my relative 200000/- from online transfer, Now I have to paid 30000 interest to my relative which is also through Online money transfer and my relative have less income so he can pay tax on this income and take refund the same by ITR.
So please Suggest how can I show in my ITR to reduce my Taxable income.please advice
KG
I am salaried person and taken loan from my relative 200000/- from online transfer, Now I have to paid 30000 interest to my relative which is also through Online money transfer and my relative have less income so he can pay tax on this income and take refund the same by ITR.
So please Suggest how can I show in my ITR to reduce my Taxable income.please advice
KG
CA Rashmi Gandhi
(Expert)
13 April 2018
You can't reduce your income as No deduction for same is available to you.
Also your query is not clear....
Nikhil Kaushik
(Expert)
14 April 2018
Dear Kailash,
If the loan is not a housing loan, you wont be able to claim any deduction
If the loan is not a housing loan, you wont be able to claim any deduction
kailash garg
(Querist)
14 April 2018
I have some income in income from other sources such as Interest
sir please ask if my queries is not clear i will provide you clear detail
pl advice
sir please ask if my queries is not clear i will provide you clear detail
pl advice
Nikhil Kaushik
(Expert)
14 April 2018
what was the purpose of this loan?
CA Rashmi Gandhi
(Expert)
14 April 2018
Explain clearly your income .
kailash garg
(Querist)
18 April 2018
Dear Nikhil sir,
I had taken this loan to bought a Plot but at the main time due to some dispute not buy the land and I had invested the loan amount in Share market on July onwards. I have invested 95000/- and on 31.03.2018 my share value as per CAS statement is Rs 83500/-.
So please Suggest how to reduce my Taxable income to save tax.
I had taken this loan to bought a Plot but at the main time due to some dispute not buy the land and I had invested the loan amount in Share market on July onwards. I have invested 95000/- and on 31.03.2018 my share value as per CAS statement is Rs 83500/-.
So please Suggest how to reduce my Taxable income to save tax.
kailash garg
(Querist)
18 April 2018
Dear Rashmi ji,
I am salaried person hereby my income is mainly Salary received from employer, Interest on saving Account of Approx Rs. 15000/-, Interest On FD Approx Rs. 10000/-, and approx RS 15000 income come through interest from freind for money given to him.
I have invested RS 1.5 lac in under 80C & Rs50000 IN NPS & Rs 15000 in MedIclaim
So please Suggest how to reduce taxable income to save Tax.
I am salaried person hereby my income is mainly Salary received from employer, Interest on saving Account of Approx Rs. 15000/-, Interest On FD Approx Rs. 10000/-, and approx RS 15000 income come through interest from freind for money given to him.
I have invested RS 1.5 lac in under 80C & Rs50000 IN NPS & Rs 15000 in MedIclaim
So please Suggest how to reduce taxable income to save Tax.
CA Rashmi Gandhi
(Expert)
19 April 2018
No other option is there to save tax......
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