Dedeuction u/s24(b)
This query is : Resolved
08 January 2009
My Client has availed a Personal Loan from bank during the financial year 07-08. He purchased a house property from the personal loan and rent receipts were made. He paid interest on the personal loan received from the bank.
Can he claim interest paid on personal loan received for the purchase of house property u/s 24(b) of the IT Act. interest on borrowed capital on personal loan from bank.
Can he claim interest paid on personal loan received for the purchase of house property u/s 24(b) of the IT Act. interest on borrowed capital on personal loan from bank.
K V Subba Rao
(Expert)
08 January 2009
Yes.
Assessee should be able to prove, if called to do so, that he has spent Personal Loan amount for purchase of house property
Assessee should be able to prove, if called to do so, that he has spent Personal Loan amount for purchase of house property
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