Interest income comes under whether Capital A/c or Indirect Income...
6 Replies
Anshul
(nothing)
(103 Points)
Replied 06 August 2018
capital account and you have to show it under income from other source..
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 August 2018
You can account under indirect income in your books of accounts...
Otherwise if You are directly shown in ITR as IFOS...
Otherwise if You are directly shown in ITR as IFOS...
JITENDRA SINGHVI
(SELF EMPLYOED)
(211 Points)
Replied 07 August 2018
Whether you Shows in capital account or p&l..the effect will ultimately come in capital account...And Shows as other income in ITR.
Claim deduction under 80EE if it is from FD.
Claim deduction under 80EE if it is from FD.
Ram.J
(Others)
(61 Points)
Replied 09 August 2018
| Originally posted by : JITENDRA SINGHVI | ||
 |
Whether you Shows in capital account or p&l..the effect will ultimately come in capital account...And Shows as other income in ITR.Claim deduction under 80EE if it is from FD. |  |
80EE is Interest on loan taken for residential house property. How come interest income from FD can be claimed under this?
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 09 August 2018
For accounting purpose:
Directly to capital account (if it is not out of business/ not related to business)
Indirect Income (if it is related to business)
For taxation purposes:
If already credited to Profit & Loss account under Indirect Income and it relates to Business:
then no further adjustments required
If already credited to Profit & Loss account under Indirect Income and it does not relates to Business:
then deduct from PGBP and add to IFOS
if credited to capital account
show under IFOS in ITR.
Hope this clarifies.
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