Interest on loan secured and unsecured
This query is : Resolved
20 July 2023
An individual has taken secured loan from bank and has given that loan amount to his relative as unsecured loan, now how should interest amount be treated while filing return, the person to whom loan is given is deducting tds while making payment of interest but how both the interest be treated, on one side paying to the bank and on other side receiving interest from the other person, can we deduct interest paid on loan to bank from interest received from unsecured loan while showing interest in other sources income, how to show both the interest amount
Thank you in advance
Thank you in advance
20 July 2023
Show it in other income schedule and claim expenses for interest payment to bank.
20 July 2023
But Sir, not showing balance sheet then how to claim those expenses...through other sources income
21 July 2023
Without balance sheet it's allowed in other income schedule try it.
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