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Deduction u/s. 57, interest income

Tax queries 1755 views 3 replies

Friends,

I am having only Interest Income (Interest other than interest on sec.) of Rs. 4.5 Lacs.

For this,  I have taken loans from two other persons to whom I have to pay interest of Rs. 2 Lacs.

So, while filing the form ITR-2, whether I have to show net interest income of Rs. 2.5 Lacs or first show full interest income of Rs.4.5lacs and then claim deduction u/s. 57 of Rs. 2 lacs ?

T & R

 

 

Replies (3)

Hi!

        Deduction can be claimed u/s 57 if the interest expenditure has been incurred for the purpose of earning the above said interest income of Rs 4.5 lakhs.

 

My query is while filing the ITR-2, whether I should show separate figures or net figure?

T & R

 

expense u/s57 can be shown seperately as deduction ITR 2 under the schedule OS.


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