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Deduction of interest under section 57 - Income Tax

#1 Issue Id: - 106376
Dated: 1-1-2014
By:- VINOD JINDAL
Deduction of interest under section 57

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Person borowed money form bank and give its futher to company to earned interest income

TOtal interest Received 50.00 lacs
Total Interest paid to Bank 52.00 lacs

My question is whether he is eligible for deduction of Rs 50 lacs or 52 lacs under section 57

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#2 Dated: 3-1-2014
By:- CA GOPALJI AGRAWAL

First, it is illegal to give loan out of borrowed money as per RBI ACT.

without prejudice to above, it can be treated as business and claim the intt paid as exp.


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