Intt on borrowed capital

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2012 I have purchase a flat in the name of my wife but loan has been approved by ICICI bank in my name for Rs.18 Lakhs.My wife is not working and fully dependent on me and all emi's are paying by me.
Whether I can claim the deduction for intt on borrowed capital u/s 24(2)?

Mohit Naithani

Mohit Naithani (Expert)
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07 July 2012 No, deduction is not allow because you did not have any house property, for which you are calculating GAV. And your wife is also not be eligible to claim the same because she didn't have any loan on her House property....

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