Tax implications
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2013
I like to know the tax implication regarding interest charged by the bank against overdraft to be taken by me against 3yrs fixed deposit jointly in the name of my father & mother ( senior citizen ) & me also. The interest from the Bank is receivable in the name of the 1st holder that is my father. Now I want to take an overdraft from the Bank and deposit the same as further capital introduction in my Partnership business which will yield an interest of 12% per yr.on the fresh capital. The interest accrued from the fresh capital introduced will be under the taxable income of my individual I T file but will the taxable income be reduced by the interest charged by the bank against the Overdraft in my I. T. File ? Further more my Father & Mother are not the partners of our Partnership firm. Please Advise.
CA PARAS BAFNA
(Expert)
08 August 2013
IF YOU "HONESTLY" INVEST THE LOAN AMOUNT IN THE FIRM YOU CAN CLAIM INTEREST PAID AGAINST
INTEREST EARNED FROM THE FIRM.
.
INTEREST EARNED FROM THE FIRM.
.
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