Intt on unsecured loan
This query is : Resolved
21 August 2014
when we stand as unsecured loans in some other books and receive interest on that loan n we tax it under head other sources and the other parson to whom we have given loan take it as business exp. but wat if later on we stand as loans & advances in some other person's book and now instead of receiving we are liable to pay him interest ,now that intt. will be deducted from other sources? i am not running any business and taking intt received under head other sources
21 August 2014
clear your question, not getting sense
23 August 2014
that depends on utilization of loan...if the borrower used it for business, then interest will be treated as business expense.
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