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...
CA Tousif Ahmed
(Expert)
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.
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