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Interest on FDR made for issuing BG for Project

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(Querist)
26 November 2010 We received Interest on Fixed Deposit made for issuing BG for Earnest Money for A contraction Project. Now there is question whether interest on fixed deposit should be less for project cost ( From Wrok in Progress) or it is treated as income from other sources. What implication under Income Tax.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
27 November 2010 My view it cannot be deducted from Project cost, it need to be considered as Income from other sources ( Interest Income)
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