Tax on dividend and interest received from co-operative bank
This query is : Resolved
daniel shetty
(Querist)
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
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
(Expert)
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
The interest on personal loan can NOT be deducted from this income
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