Dear Experts,
We have received Rent Income of Rs. 400000 by Renting of Factory Shed.. For buying of this factory shed We have taken a Bank loan and repayment made for the same. we paid approx. rs. 65000 as Interest Element towards bank loan.
My question is whether Interest paid on Bank loan can be allowed as a deduction from rent income as per sec. 57 under the head "Income from other sources"???..
Thanks in Advance
Note that the interest paid should be in the same corresponding year.
CAclubindia
