banner_ad

Interest expense for earning interest from bank

293 views 3 replies
Any interest paid for earning interest from bank fixed deposit can be claimed as deduction under section 57(iii) of Income Tax Act, 1961.
Replies (3)
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!
I'm unable to claim deduction under section 57 in ITR 1 in new income tax portal.

Help me resolve.
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.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details