Interest Income Clarification

Save Share

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2011 A person is director in a Pvt Ltd company and has salary income from company. Also he has Rs. 8 Lacs interest income and he also paid Rs. 7 Lacs interest on loan but he did not deduct TDS on that interest payment.

Pls clarify can he claim the interest paid from his interest income or can we claim that interest paid for taxation purpose.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

29 June 2011 An Individual not carrying on business is not required to deduct TDS.
He can claim the interest paid against his interest income provided the amount borrowed is having some nexus with the amount lent.

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