TaxTMI 
TaxTMI 
loss under the head other sources
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....oss under the head other sources<br> Query (Issue) Started By: - manoj gupta Dated:- 7-7-2010 Last Reply Date:- 13-7-2010 Income Tax<br>Got 2 Replies<br>Income Tax<br>An assessee has taken money on lo....
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....an from various persons on which he pays interest. he has given money on loan to several other persons from whom he receives interest. can he show loss from this process under the head income from oth....
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....er sources. will the loss shown in income tax return be acceptable to the department. Reply By DEV KUMAR KOTHARI: The Reply: Why it is taken under head 'other sources' and not 'business'? Why there ....
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....is loss? Whether, interest expenses are incurred to earn income , or wholly and exclusively for business, as the case may be? These are important questions which will have to be answered satisfactor....
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....ily. Reply By Rama Krishana: The Reply: Technically, the answer is yes, intra head adjustment of losses and profit are allowed under section 71. Further section 57 allows deduction of expenses incurr....
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....ed for the purpose of earning income. But, the question raised by Mr. D K Kothari is highly relevant.<br> Discussion Forum - Knowledge Sharing ....