Dedcuction of Housing Loan Interest
This query is : Resolved
10 March 2010
Can interest paid on hand loans taken from friends and relatives be claimed as deduction while calculating house property income?
10 March 2010
Section 24 does not say that loan has to be availed from financial institution/bank only for getting deduction. Consequently, interest payable on hand loans is an allowable deduction under section 24 provided the other conditions mentioned therein are satisfied.
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