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 ??
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section 56/57 of IT act
Replies (1)
Such a scenario is not tenable.
Entire earnings of your wife out of 20lakhs will be clubbed in your return. 9% interest part is ignored. You won't get deduction of interest @ 14% on 10 lakhs under 57
Entire earnings of your wife out of 20lakhs will be clubbed in your return. 9% interest part is ignored. You won't get deduction of interest @ 14% on 10 lakhs under 57
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