Set off. of interest expense against interest income
This query is : Resolved
07 July 2018
Hello Sir,
My query is if any per has taken loan against F.D. and has given same money to some other person. Now he receives interest from such person and he pay interest on loan .Whether the such interest paid can be claimed against such interest received in income tax.
Thank You.
My query is if any per has taken loan against F.D. and has given same money to some other person. Now he receives interest from such person and he pay interest on loan .Whether the such interest paid can be claimed against such interest received in income tax.
Thank You.
07 July 2018
Are you dealing the same as Business...?
or Individual capacity except business?
08 July 2018
Yes such interest paid can be claimed as expenses against such interest income.
08 July 2018
Nature of business is financial you can claim, or if you have taken loan for business you can claim interest expenses, other than this you can not claim interest as exps.
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