Hi, let’s say I have earned interest of Rs. 10,000 from FD in a financial year. If I have taken Loan against FD and paid Rs. 1000 interest on that, can it be adjusted against the earned interest so that the final taxable amount comes out to be Rs. 9000?
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According to what I’ve read (couple of SC judgements), the interest amount of loan against FD will not be adjusted against the earned interest.
@Quicko can correct if my understanding is wrong here