Hi
I settled a 4 year old bank loan plus interest accrued in February 2013. I have bank deposits interest income as well. Can I set off accrued bank loan int.expense from my bank interest income in my tax returns? Since my loan int exceeds int.income for the year can the balance of loan exp carried over to future years ?
thanks and regads
etaxmentor
No you can't do that. Interest from Bank FD's is taxable under the ehad Income from Other Sources. The bank loan interest is not incurred in connection with the bank interest, so you can;t set-off the two against each other.
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