Is interest received & interest paid can be setoff???
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2013
Dear Memebers,
my assessee is director in a Company & he takse a bank loan in a personal capacity & he gave some amount to the company in which he is a director..the assessee receives Rs 1600000 as interest on loan..which he give to the company !! Also the assessee receives a salary of Rs 1200000 p.a from that co.
My Ques is in which head the interest amount is taxable either in Other source or in PGBP. & is interest amount given TO THE BANK IS ALLOWED PROPORTIONATELY ALLOWED AS SETOFF AGAINST RECEIVED AMOUNT OF INTEREST i.e 1600000/-
please give ur comment in this case
my assessee is director in a Company & he takse a bank loan in a personal capacity & he gave some amount to the company in which he is a director..the assessee receives Rs 1600000 as interest on loan..which he give to the company !! Also the assessee receives a salary of Rs 1200000 p.a from that co.
My Ques is in which head the interest amount is taxable either in Other source or in PGBP. & is interest amount given TO THE BANK IS ALLOWED PROPORTIONATELY ALLOWED AS SETOFF AGAINST RECEIVED AMOUNT OF INTEREST i.e 1600000/-
please give ur comment in this case
27 September 2013
It can not be set off.. both are separate transaction. further it is taxable under the head of Other Source, as giving the loan and earning interest is not business of your director..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- TDS related Query_Liquidated Damages
- Specified Profession
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
