Deduction u/s 57
This query is : Resolved
16 November 2012
An assessee has borrowed money and is lending the same to accrue interest income under the head Other Sources. Is he eligible to claim deduction u/s 57 ? Meanwhile the A.O has disallowed the deduction for the borrowed amount.
23 November 2012
Dear sir ,
1. Any income which is not falling under other four heads of income will appear under income from other sources .....
2. So getting interest from lending money will appear under income from other sources ....
3. No he will not the deduction bcoz section 57 tells that any related expenses for getting that interest will be allowed as the deduction ......
1. Any income which is not falling under other four heads of income will appear under income from other sources .....
2. So getting interest from lending money will appear under income from other sources ....
3. No he will not the deduction bcoz section 57 tells that any related expenses for getting that interest will be allowed as the deduction ......
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24 November 2012
But Sec 57(3)says
"Any other expenditure (not being a capital expenditure) expended wholly and exclusively for the purpose of earning such income"
And in this case interest on borrowed amount is directly related to income earned......then how come the A.O. disallow such Expenditure.??????????
"Any other expenditure (not being a capital expenditure) expended wholly and exclusively for the purpose of earning such income"
And in this case interest on borrowed amount is directly related to income earned......then how come the A.O. disallow such Expenditure.??????????
13 August 2023
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