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Interest on loan - deduction available??

Others 470 views 1 replies

Hi,

 

I have a question that, If I take loan on Interest from any of my family member and the same amount will be invested in Tax Saver FD u/s 80C. Now I will earn some interest on FD and the same will be included in my Taxable Income as income from other sources also on the other side I am paying interest on Loan taken to do the same Investment.

So, whether is there any deduction available for Interest payment from my Interest earning u/s 57  of the Income tax Act?

Replies (1)

Yes interest paid is deductible from the Interest earned.


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