Interest on fd
This query is : Resolved
06 July 2012
DEAR ALL
A ASSESSEE RECEIVED INTEREST FROM BANK ON FD PER MONTH AND HE HAS TAKEN LOAN AGST. THAT FD IN WHICH SECTION HE CAN TAKE DEDUCTION OF PAYMENT OF INTEREST...
A ASSESSEE RECEIVED INTEREST FROM BANK ON FD PER MONTH AND HE HAS TAKEN LOAN AGST. THAT FD IN WHICH SECTION HE CAN TAKE DEDUCTION OF PAYMENT OF INTEREST...
07 July 2012
Interest received on FD is taxable under Income from Other sources.
Interest paid on Loan against FD will be deductible under Income from Business/ Profession if the loan has been taken for business/ profession.
If the loan has been taken for personal purpose then it will not be deductible.
If the loan has been taken for house property then it will be deductible under Income from House Property.
Hope this solves your query.
Interest paid on Loan against FD will be deductible under Income from Business/ Profession if the loan has been taken for business/ profession.
If the loan has been taken for personal purpose then it will not be deductible.
If the loan has been taken for house property then it will be deductible under Income from House Property.
Hope this solves your query.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- NRI starting business in India
- ITDS U/S.194T of Firm
- ADVANCE PAYMENT OF ADVOCATE
- FORM 141 SDV query
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Eway bill not cancelled within 24 hous what can be due
- Capital gain on sale and purchase of plot
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
