can we set off with salary income with interest (paid) loss?
This query is : Resolved
26 March 2011
Mr. X borrowed Rs. 40,00,000 from bank and agree to pay interest and he invested the money in a company as capital contribution. He has paid Rs.4,80,000.00 as interest during FY: 2009-2010, and has not received any interest on capital from the company, but Rs. 2,00,000.00 as remuneration. Is the interest of Rs.4,80,000.00 can be set off against the salary income ?
26 March 2011
Interest cannot be set off against Salary income
26 March 2011
Hi,
There is Provision in the Income Tax Act 1961 for such a set off, therefore its not possible.
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
There is Provision in the Income Tax Act 1961 for such a set off, therefore its not possible.
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
27 March 2011
I hope only Loss from House property can be set off at the time of calculation of TDS
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ITDS U/S.194T of Firm
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- GST not cancelled by tenant
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Invertaded duty struture
- FORM 141 SDV query
- Eway bill not cancelled within 24 hous what can be due
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
