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Interest Paid on Loans Can Offset 'Other Sources' Income u/s 57(iii) of Income Tax Act.
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....Since the interest paid to HSBC on the loan availed was in the nature of an expenditure wholly and exclusively laid out for the purpose of earning the interest income, it ought to be permitted to be netted against such 'income from other sources' in terms of Section 57 (iii) - HC....