Tax on dividend and interest received from co-operative bank

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daniel shetty (Querist)
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19 July 2016 Hi,
My client is a employee of state govt municipal corporation. He has taken loans for personal use from the municipal co-operative bank, and from the proceeds of the loan the bank deducts some amount to be a member to be eligible for loan. And that amount is so called a mix of shares and debt security. The Client receives dividend and interest annually from such security. Also TDS is deducted by bank only from interest component u/s 194A @ 10%. My query is how to treat this dividend and interest for computing total income for A.Y. 2016-17. Also can we deduct the interest component from interest on loan paid during the year or u/s 80TTA?
Please advice ASAP

Amol S Joglekar

Amol S Joglekar (Expert)
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19 July 2016 dividend as well as interest received is taxable...income from other sources.
The interest on personal loan can NOT be deducted from this income

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