24 June 2010
i ask 3rd time question... being confuse... some experts say interest paid on loan is allowable deduction u/s 57. and some say this interest is not allowed...
simple question
if any one received interest on loan & fd and paid interest on loand. .
24 June 2010
If loan funds have been used to generate any income and such income is taxable and interest is paid on borrowings then the same will be allowed as a deduction from the income.
CAclubindia
