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U/s. 57 Interest paid to others

This query is : Resolved 
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(Querist)
11 January 2011 assessee has invested in FDR in Nationalized bank. For the investment in FDR The assessee has taken a part amount of loan from family members.The interest paid to the family members will be allowed as the deduction U/s. 57
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11 January 2011 Yes, interest on borrowed amount can be claimed as expenditure

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