03 June 2015
hello friends my client interest on saving account approx 27500 Rs. and expend. 4800 on bank charges or 29312 on bank interest can we claim deduction on these exp. under sec. 57. Bank charge of Rs. 4800 incl. locker rent of Rs. 3350/-
03 June 2015
No. Interest paid can't be set off against interest income. Pl refer supreme court decision in Dr. V.P. Gopinathan's case reported in [2001] 248 ITR 449.
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