Deduction u/s. 57, interest income

K P BHANUSHALI (PROPRIETOR) (511 Points)

23 March 2013  

Friends,

I am having only Interest Income (Interest other than interest on sec.) of Rs. 4.5 Lacs.

For this,  I have taken loans from two other persons to whom I have to pay interest of Rs. 2 Lacs.

So, while filing the form ITR-2, whether I have to show net interest income of Rs. 2.5 Lacs or first show full interest income of Rs.4.5lacs and then claim deduction u/s. 57 of Rs. 2 lacs ?

T & R