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Interest expense for earning interest from bank

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11 Points Posted on 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.
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On 21 October 2021 at 16:51 Report
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790 Points Posted on 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!
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On 22 October 2021 at 01:18
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11 Points Posted on 22 October 2021
I'm unable to claim deduction under section 57 in ITR 1 in new income tax portal.

Help me resolve.
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On 22 October 2021 at 10:29
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790 Points Posted on 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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On 22 October 2021 at 10:38


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