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Interest income setoff

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 July 2012 Hi... If a person earns interest income from term deposits and has taken overdraft to meet cash requirements , can this interest be setoff against each other?? The person concerned does not have any other source of income and has used the funds for construction of building (commercial) which is in the name of spouse...
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
23 July 2012 There is no set off allowed against Interest Income. so interest paid on over draft cannot set of with that

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