Intrest income from Other Sources
This query is : Resolved
30 June 2009
I have FD with Bank and recived interest 150000 I have taken loan with this Fd and paid Interest 175000.
and OD amount which i take from bank in this i recived Interest 220000.
can i adjust (220000-175000) or not as per Section 58 or not Please answer.
Please case tell any case law or exp.
and OD amount which i take from bank in this i recived Interest 220000.
can i adjust (220000-175000) or not as per Section 58 or not Please answer.
Please case tell any case law or exp.
M Prabhakar Menon
(Expert)
30 June 2009
Yes u can
30 June 2009
Interest earned on FD cannot be set off against the interest paid on the loan taken against that FD.
Citation:- CIT Vs. Dr.V.P.Gopinathan 248 ITR 449 (SC).
Citation:- CIT Vs. Dr.V.P.Gopinathan 248 ITR 449 (SC).
Praveen Sharma
(Expert)
30 June 2009
u can't set off both interest.
as per apex court decision.
as per apex court decision.
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