Interest paid on loan can be claim as expenses
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 July 2016
hii
i have taken Personal loan from bank ...
and make Fdr with bank
i have received interest from bank on fdr
and paid interest on bank loan
while i am calculating income from other source can i claim interest paid on loan as expenses
plzzz r
i have taken Personal loan from bank ...
and make Fdr with bank
i have received interest from bank on fdr
and paid interest on bank loan
while i am calculating income from other source can i claim interest paid on loan as expenses
plzzz r
Chinay Solanki
(Expert)
15 July 2016
You might have taken loan suppose @ 13% for loan an getting interest on fdr @suppose8% and u want to claim loss? If it's like that then don't claim the expense. And if u wish to claim the benefit of interest paid on loan, u need to prove that proceeds of the personal loan were used to earn income
Chinay Solanki
(Expert)
15 July 2016
You might have taken loan suppose @ 13% for loan an getting interest on fdr @suppose8% and u want to claim loss? If it's like that then don't claim the expense. And if u wish to claim the benefit of interest paid on loan, u need to prove that proceeds of the personal loan were used to earn income
CA. Sunil Gokhale
(Expert)
15 July 2016
Interest on personal loan is much more than what is earned on FD. So doing this is not advisable. It is possible that the bank told you the flat rate of interest. As a thumb rule the actual rate will be about two times the flat rate.
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