Tax liability on saving of personal loan
This query is : Resolved
24 March 2020
Sir,
Scenario is i took personal loan of 4L for my marriage expenses this month (march 2020). i have done FD by adding my saving to my loan amount for one year as the occasion is cancelled. My question is.
1. How to show the sum amount deposited as FD in ITR ( Salaried person). Is it taxable. How ever the bank interest is taxable.
2. Can the sum be shown as saving.
Please do suggest.
Thanks,
Sagar
Scenario is i took personal loan of 4L for my marriage expenses this month (march 2020). i have done FD by adding my saving to my loan amount for one year as the occasion is cancelled. My question is.
1. How to show the sum amount deposited as FD in ITR ( Salaried person). Is it taxable. How ever the bank interest is taxable.
2. Can the sum be shown as saving.
Please do suggest.
Thanks,
Sagar
24 March 2020
FD is not taxable, only interest portion is taxable..
If the FD is for 5 years then you can claim under 80C - Tax Saving fixed deposit..
24 March 2020
You have to pay tax on the interest earned in FDR next year.
However in the current you are not required to make any extra tax payment for the transaction.
However in the current you are not required to make any extra tax payment for the transaction.
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