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09 December 2010
I am earning Income by way of Interest on Capital & Salary from my firm. Also i have borrowed a unsecured loan from the same firm and i pay interest for the Same.Can i deduct the Interest from my income from Interest on Capital & Paretners Salary allowed u/s 40b ?
09 December 2010
No, i think its not allowed. As for the firm as well, the interest u pay on loan is an income and it has got a proper treatment. While interest u recieve on capital has to be given specifically different disclosure..., it applies for income tax act too... So, i dont think it is allowed...
11 December 2010
It will be much helpful if the opinion is supported by any IT Circular.notification or Case Law !
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