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Intt on unsecured loan

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(Querist)
21 August 2014 when we stand as unsecured loans in some other books and receive interest on that loan n we tax it under head other sources and the other parson to whom we have given loan take it as business exp. but wat if later on we stand as loans & advances in some other person's book and now instead of receiving we are liable to pay him interest ,now that intt. will be deducted from other sources? i am not running any business and taking intt received under head other sources
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CA P K AGRAWAL

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CA P K AGRAWAL (Expert)
21 August 2014 clear your question, not getting sense
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
23 August 2014 that depends on utilization of loan...if the borrower used it for business, then interest will be treated as business expense.
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