Interest income comes under whether Capital A/c or Indirect Income...
Anshul
(nothing)
(103 Points)
Replied 06 August 2018
RAJA P M
("Do the Right Thing...!!!")
(127227 Points)
Replied 07 August 2018
JITENDRA SINGHVI
(SELF EMPLYOED)
(211 Points)
Replied 07 August 2018
Ram.J
(Others)
(61 Points)
Replied 09 August 2018
| Originally posted by : JITENDRA SINGHVI | ||
 |
Whether you Shows in capital account or p&l..the effect will ultimately come in capital account...And Shows as other income in ITR.Claim deduction under 80EE if it is from FD. |  |
80EE is Interest on loan taken for residential house property. How come interest income from FD can be claimed under this?
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 09 August 2018
For accounting purpose:
Directly to capital account (if it is not out of business/ not related to business)
Indirect Income (if it is related to business)
For taxation purposes:
If already credited to Profit & Loss account under Indirect Income and it relates to Business:
then no further adjustments required
If already credited to Profit & Loss account under Indirect Income and it does not relates to Business:
then deduct from PGBP and add to IFOS
if credited to capital account
show under IFOS in ITR.
Hope this clarifies.
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