If a person having Income & Expenses
remuneration from firm Rs.120,000 ;
Interest on Capital Rs.110,000;
Share profit from firm Rs.18000;
Interest on Advance Rs.80000;
Interest on Loan (Rs.74,000);
IS INT. ON ADVANCE CAN BE SET OFF WITH INT. ON LOAN
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Interest on fixed deposit can setoff with int. on loan
Replies (4)
I think it cant b.as per revised schedule VI
I think it cant b.as per revised schedule VI
As per my knowledge, If the interest on loan is paid for house property then set off can be claimed as loss from house property, otherwise it can not be.
please correct me if I'm wrong..
Hi jigar,
If interest on loan is in nexus with interest on advance, such expense can be claimed under sec. 57 as deduction.
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