Income from Other sources
This query is : Resolved
02 December 2010
Question :
Can interest paid on borrowings be claimed as deduction u/s.57 against interest received. If the said assessee is not carrying on any business.
Kindly Guide.
I have a case where one of the assessee has claimed Rs.60280 interest paid against interest received Rs.17326.
Kindly Advice.
Can interest paid on borrowings be claimed as deduction u/s.57 against interest received. If the said assessee is not carrying on any business.
Kindly Guide.
I have a case where one of the assessee has claimed Rs.60280 interest paid against interest received Rs.17326.
Kindly Advice.
02 December 2010
If the amount has been borrowed exclusively for the purpose of investment, and there is a direct link between income and expenditure, dedction is allowed.
02 December 2010
Agree with Bhagat Sir.if there is a direct link ,then you can deduct the interest paid from interest received.
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