Sir , if A has 10 lakh saving and take loan of 10 lakh (14% interest) and lends all the 20 lac to his wife at 9 percent interest rate .
In this scenario
Interest income - 1,80,000
Interest expenses- 140000
Income under 56 = 180000
What should be the interest expenses u/s 57 in this case is it 140000 or restricted to 90000 (9%) ???
please explain sectionwise ??
CAclubindia
