BENEFIT u/24 OF iNCOME TAX
This query is : Resolved
24 June 2011
ONE OF MY CLIENT HAS TAKEN LOAN FOR REDEVELOPMENT / REPAIR OF SELF OCCUPIED FLAT FROM PRIVATE PARTIES .
IS INTEREST PAID TO THEM WILL BE ALOWED US 24 OF INCOME TAX
IS INTEREST PAID TO THEM WILL BE ALOWED US 24 OF INCOME TAX
24 June 2011
Yes. Interest on capital borrowed for the purpose of repairs is allowed as deduction and can be claimed on accrual basis. In the absence of a specif mention in the section that loan should be borrowed from banks only, I have no doubt in saying that loan can be taken from any person.
Only requirement is to get Interest certificate from the lender.
Only requirement is to get Interest certificate from the lender.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
