24 June 2010
interest paid/exp. can i claim as a deduction u/s.57????
one person have income as following ... 1. interest from ucobank fd RS: 127630/- 2. Interest from mr.abc firm RS.: 258730/- 3. bank interest RS.: 28437/-
INTEREST EXPENSES interest paid to MR. XYZ rs. : 79838/-
can i claim interest expenses as a deduction under section 57. ??????
as per the section some confusion is there... the person taken loan and paid interest of above????
24 June 2010
Whenever is loan provided by any person it is provided for any purpose. If loan is provided for any purpose and there is any income which is taxable under the head Other Sources then deduction will be eligible u/s 57. But in your query the purpose of loan repayment is not mentioned in such a case realted section may change.
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