K P BHANUSHALI (PROPRIETOR) (512 Points)
23 March 2013Friends,
I am having only Interest Income (Interest other than interest on sec.) of Rs. 4.5 Lacs.
For this, I have taken loans from two other persons to whom I have to pay interest of Rs. 2 Lacs.
So, while filing the form ITR-2, whether I have to show net interest income of Rs. 2.5 Lacs or first show full interest income of Rs.4.5lacs and then claim deduction u/s. 57 of Rs. 2 lacs ?
T & R
meenakshi
(Audit Manager)
(81 Points)
Replied 23 March 2013
Hi!
Deduction can be claimed u/s 57 if the interest expenditure has been incurred for the purpose of earning the above said interest income of Rs 4.5 lakhs.
K P BHANUSHALI
(PROPRIETOR)
(512 Points)
Replied 23 March 2013
My query is while filing the ITR-2, whether I should show separate figures or net figure?
T & R
meenakshi
(Audit Manager)
(81 Points)
Replied 25 March 2013
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