Dear Arvind,
As per I.Tax Act,1961,you can adjust the Interest paid with interest earned income, net amount is taxable under the head of other sources.
Thanks
Jai Ho
S.K.GUPTA
You can.
YES SATYENDRA IS RIGHT.
Hi Mr. Arvind,
The interest income under MIS scheme is taxable under section 56 and you can claim the deduction of the interest on loan borowwed for investing money in MIS scheme under section 57.
I hope you will find this information useful.
Regards
Vijay Kumar
CAclubindia
