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Set off. of interest expense against interest income

This query is : Resolved 
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(Querist)
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.
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RAJA P M

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RAJA P M (Expert)
07 July 2018 Are you dealing the same as Business...? or Individual capacity except business?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
08 July 2018 Yes such interest paid can be claimed as expenses against such interest income.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
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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