Netting of interest income
This query is : Resolved
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
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
17 December 2022
Yes, it can be done.
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Taxability of credit in canara bank ET & T section (NRO)
- Gst on travel by air for business purposes
- Banking Related Issue
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
