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Overdraft interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 July 2013 If I am salaried individual and got Rs.15000/- towards interest on FD and Rs.2500/- interest was charges against my overdraft facility . Can I adjust the interest earned towards interest charged by bank or full Rs.15000/- interest on FD is taxable. please reply
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
31 July 2013 NO YOU CAN NOT CLAIM DEDUCTION FOR OVERDRAFT INTEREST. NEED TO TAKE RS 15000/- AS YOUR INTEREST INCOME UNDER THE HEAD INCOME FROM OTHER SOURCES.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
31 July 2013 Such interest set off is not permitted by law.
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