I have a overdraft account in my personal name. Will the intrest charged in this overdraft account is deductible from my income from the legal profession as I file an ITR4 for my professional income.
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Interest on loan against fixed deposit is deductible?
Replies (2)
If such OD is for solely for professional purpose then u can claim entire interest as deduction else on proportionate basis.
yes you can claim the interest part as expense if it is for profession u/s 37.
As per sec. 37 three conditions requires to satisfie:
1. it is for business/ profession.
2. it is not in nature of capital &
3. not in nature of personal.
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