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jinesh (Querist)

26 November 2012 Dear Sir,

I want to know that a person retired from govt service.he got 20 lacs by cheque on his retirement. then after one year he invested all amount into outside construction co.? should i consider passbook for base for filing return of Income? Am i right? and

Construction Co. gives only ledger in which Total Amount with them and Inrest on that Amount?

Should i consider the Interest Amount at the time of Filing return?

pls explain.

Amol S Joglekar

Amol S Joglekar (Expert)

26 November 2012 Being individual assessee, you can very well opt for the CASH basis. Interest as and when received is offerred for taxation.

jinesh

jinesh (Querist)

27 November 2012 at the end of march he made an interest entry into the books of accounts. So i have to consider that Amount whatever figure i shown in the Ledger Print out

Op bal: 739000
Interest 88680

Note: 12% interest being paid.

am i right to take this Interest Amount for taxation?

Amol S Joglekar

Amol S Joglekar (Expert)

28 November 2012 yes, you can show it as INTEREST.

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