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Whether interest receipt on FDR can set off aginst interst paid on unsecured loan
whether there is provision of set-off of interest paid on unsecured loan taken from relative against receipt of bank interest on fdr in other sources income in IT act.
Replies (2)
It can be done provided rate of interest for unsecured loan from relative is less than rate of interest from FD
Also, apply weighted average rate of interest as principal amount and FD investment amount would differ.
Also, apply weighted average rate of interest as principal amount and FD investment amount would differ.
I think it can be adjusted
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