Taxability

This query is : Resolved

prashant vekariya (Querist)
Follow

22 December 2011 I have following income

Income from Remuneration Rs. 9,00,000
Interest on loan receivable Rs. 12,00,000
STCG Rs. 5,70,000.
REnt on gala Rs. 2,00,000
LTCG Rs. 9,39,000
so my total income is Rs. 58,09,000.

I have also taken so many loans for which I am going to pay interest of Rs. 20,00,000.(for business purpose)

question
1) can I deduct interest of Rs. 20,00,000 against my interest income 12,00,000 and rent income of Rs. 2,00,000 and so loss of Re.9,00,000

2) also give me clarification if it is a personal loan than what will be the treatment.

Guest

Guest (Expert)

22 December 2011 Pls clarify interest of Rs. 20 lacs is for house property loan or taken for business purpose?