Int on loan & int on fixed deposit can setoff

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2011 A person having income from partnership firm like int. on capital;remuneration from firm & profit from firm & Other than this having income of interst from Fixed deposit & exp. Interst on Personal Loan.
1.Can he file ITR4 or ITR3.
2.Can Int. can be setoff.

anurag

anurag (Expert)
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13 December 2011 ITR 3,
Interest can not be set off.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 December 2011 Interest paid by a partner on the personal loan is not allowable as a deduction.

Further, remuneration received by a partner from a partnership firm is taxable under the head Income from Business or Profession.

Accordingly, the assessee will have to file ITR 4.

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anurag

anurag (Expert)
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13 December 2011 It is correct that remuneration received from the partnership firm is taxable under PGBP, but this column is available in ITR 3,
plz check BP schedule of ITR 3.
Hence ITR 3 will be applicable.
Regards.

anurag

anurag (Expert)
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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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14 December 2011 ITR 3 can be filled by partner of a partnership firm.

i am agree with anurag

Abhishek Ranjan Singh
ARS Solutions
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