In which head income consider

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2013 1. i am businessman . i took loan & invest it So i paid interest to those from i took loan & received interest from those i gave loan. i claim my interest expesnes under business head & income under other sources.

is it correct or no ???/

2. in particular year i haven't receive any interest income so under other sources head no income shown but i paid interest so claim ineterst exp. under business head.

is it correct or no ???

in 2 nd case 14A can applicable or not ????

CA LOKESH KASAT, FCA, M.Com

CA LOKESH KASAT, FCA, M.Com (Expert)
Follow

02 April 2013 Your Solutions are:

1. You can't do so. Both Income and expenses should be match under same head.

2. Again you cant't do so.

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2013 thanks sir.
if income from interest i show in business head then as consider 2 nd case interest payment made but income not receive then deduction possible or not ??? is 14A apply???

Upgrade to CAclubindia Pro. Subscribe Now!