Interest on Deposit of Minor Income

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CA CS VINAYAK PATIL (Querist)
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03 March 2009 If Assessee received income from interest on F/D of Minor Income. he will also loan taken from that F/D and paid interest on F/D loan can he take befit of U/s 57 and U/s 10(32) both. or only take one of the two section.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 March 2009 Interest paid on loan taken against fixed deposit cannot be deducted from the fixed deposit interest as per supreme court decision in CIT Vs. Dr. V.P.Gopinathan.

CA LOKESH KASAT, FCA, M.Com

CA LOKESH KASAT, FCA, M.Com (Expert)
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03 March 2009 adding furthure to Warrier, but assessee will get exemption u/s 10(32) upto max of 1500.

CA CS VINAYAK PATIL

CA CS VINAYAK PATIL (Querist)
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04 March 2009 not yet answer

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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01 August 2024 https://docs.google.com/document/d/1qDtIJN5vN_HVhCeeJF1ZGGx-hNoYzJU_qpzNrL8Jne0/edit?usp=sharing

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