Other income & interest on loan taken
This query is : Resolved
14 May 2018
I have taken loan from somewhere on payable interest @ 1% per month and have invested with someone. I am being paid interest @ 2%. I have computed taxable income as follows:
2% interest receipt less 1% interest payable on loan = taxable income
Whether 1% interest will be allowable against 2% interest income.
2% interest receipt less 1% interest payable on loan = taxable income
Whether 1% interest will be allowable against 2% interest income.
15 May 2018
Yes it is allowed as deduction.
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