Can Interest paid on Car loan be offset with bank interest

Hello,

My Friend, income is not to be set off against expenses. Its the loss which can be set off against the Profits.

So its not possible at all..

Hi manish, such expense is non-deductible in ur case

Hello,

Its not deductible in any case....

Dear Sir,

Income Tax is not about inflows and outflows only...........In fact inflows & outflows should have a nexus for setting off...

Only those expenses can be deducted from an income, which are incurred to earn that income...  

So in this case it cannot be said that u had paid the interest on Car Loan for earning the interest on Savings acoount/Fixed deposit.........:)

So not possible.....!

aamir is right.. i go with him,

Dear Friend.....Amir is rite........

Interest paid on Car loan cannot be adjusted against Bank Interest.........

yes manish,

the expalnation given by amir sir is perfect.

darshi

Hello Friends,

the Comment of Mr. Amir Seems to BE correct

Amir..the logic behind ur answer is perfect!

agree wid amir sir.........

u also apply the matching concept ......

Agree with  Mr Amir

Thanks a lot for to all of you for the prompt response...