03 June 2015
Suppose interest paid on unsecured loan taken from a person/overdraft from bank is Rs. 5 Lacs. and the income under the head Income from Other Sources is Rs. 3 Lacs, can we adjust such amount of interest with income and set off the negative balance u/s 70 with other heads?
03 June 2015
did the person took this loan to earn this income? or for some other purpose?
Querist :
Anonymous
Querist :
Anonymous
(Querist)
04 June 2015
This is a case where the assessee has rental income from various properties and is paying interest on loan to purchase another property with the intent of letting out. can this interest paid be allowed as deduction from rental income earned in This F.Yr in Income TaxReturn?
04 June 2015
you want to adjust against interest on FD or against rental income? your initial query suggest interest on FD and now you are talking about rental income. In my view it cannot be adjusted against either of the two.
the interest should be deducted only when you get the possession of the new property