Question

How ti xalculate the interst amount loan taken fir the purchase of security in incone from other sources?

Answer 1

To claim this deduction, one needs to first declare this interest under the head 'Income from other sources' and then claim the deduction within the overall limit of Rs 1.5 lakhs. However, the fifth year interest will be fully taxable as it is paid to you at the time of maturity.