Interest income

This query is : Resolved

Dinesh Gupta (Querist)
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01 August 2013 Have a nice, I Make some Fixed Deposit in Bank and Loan others, Received Interest Rs.60486/- and Taken loand on FD from Bank Paid Interest Rs.80451/- and Net Inocme of Sale of Agriculture Goods Rs.248050/- as 8% in Rcept. Can File in ITR 4S take only Rs.248050/- or intetest income or loss.

pls suggest me as per AS and Interest Head Income. So file Return in time.

Rupesh Jain

Rupesh Jain (Expert)
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01 August 2013 intt on FDR show in income from other soruces and intt paid on loan agst FDR you not define the use of money
if you use it for business then you can declare 8% on sale value
and use 4S form

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Dinesh Gupta

Dinesh Gupta (Querist)
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01 August 2013 here is net loss on interest head, so not any inocme in other source, can I File return only 8% on Sale value?

Dinesh Gupta

Dinesh Gupta (Querist)
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02 August 2013 thanks for Reply I don'tunderstand use of maony here income other soucre (Interest) is loss (nil) and can I file u/s 44AD of ITR 4S as 8% profit only sale value. am I right?