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.
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.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Not able to file ITR
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
