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Netting of interest income

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(Querist)
17 December 2022 i havebank FDs for Rs 24,00,000 earning interest @ 6.3% income. Interest rate has since increased in presently *%.
Cancelling of fds and making fresh fds will involve Penalty and deduction of differential interest.
Can i take loan against FDs(@6.8%) and invest the loan amount to earn 8% bank interest. In such a case can i net the interest income for taxation deucting the total interest paid to bank from gross interest income
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
17 December 2022 Yes, it can be done.
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