I am Karta for HUF; and have received funds in HUF which are in FD and OD against FD is enabled.
Now, as member of HUF if I take home loan from HUF for purchasing residential property at OD rate + 0.5%.
In this case,
1. Which ITR will HUF need to fill (only income from FD interest and loan interest) ?
2. Can OD interest paid to Bank be offset as expenses and income tax to be paid only on the 0.5% extra interest received ? Under which section of applicable ITR?
CAclubindia
