Allowability of interest expense under section:- 24(b)

This query is : Resolved

Pratik A Rughani (Querist)
Follow

30 October 2012
I have obtained loan from one of my friend for purchase of House Property I have Paid him Interest during the year can I get the benefit of interest paid u/s 24(b)and that will be s.t. to Rs. 150000/-...?

What about loan component repaid eligible under 80C...?

Regards

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
Follow

30 October 2012 Section 24(b) interest deduction allowable subject to the maximum of Rs.150000 in case of self occupied property. In case of let out property no Limit for 24(b) interest deduction.

For housing loan taken from the private persons i.e friends, relatives didn't allowable 80C deduction for repayment of principle.

OM SAI SRI SAI JAI JAI SAI

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now