Income from other sources can we show Interest paid greater than Income received? i.e Negative income in head Income from other sources. If yes then set off available against which head of income?
Fatema (Accountant) (44 Points)
06 February 2014Income from other sources can we show Interest paid greater than Income received? i.e Negative income in head Income from other sources. If yes then set off available against which head of income?
Saurabh Anokhchand Jain
(Chartered Accountant)
(1043 Points)
Replied 06 February 2014
Yes, you can show negative income under Income from other source..
Please visit below link for more info
https://wirc-icai.org/wirc_referencer/income%20tax%20&%20wealth%20tax/Set%20Off%20And%20Carry%20Forward%20of%20Losses.htm
Fatema
(Accountant)
(44 Points)
Replied 07 February 2014
So in following case :
Saving bank interest = Rs. 5,000
(+) Other Interest Received = Rs. 5,000
(-) Interest Paid = Rs 7000
Total Interest Income from Others Source = Rs 3000
whether will get deduction of Rs. 5000 or Rs. 3000 is Sec 80TTA
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