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Interest expense for earning interest from bank

prajwal online (11 Points)

21 October 2021  
Any interest paid for earning interest from bank fixed deposit can be claimed as deduction under section 57(iii) of Income Tax Act, 1961.

 3 Replies

Kev Men (228 Points)
Replied 22 October 2021

You can claim the same in my opinion.
It seems in the above case loan is taken to invest in bank FD which is interesting!

prajwal online (11 Points)
Replied 22 October 2021

I'm unable to claim deduction under section 57 in ITR 1 in new income tax portal.

Help me resolve.

Kev Men (228 Points)
Replied 22 October 2021

ITR 1 does not have a separate row to claim deduction other than family pension deduction. So you can show net of expenses as income.
If you want to show deduction separately, you can use ITR 2 as it has a separate row to show deductions from other sources.
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