deduction u/s 24(b)

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Sachin Agarwal (Querist)

30 October 2010 is interest paid to a friend allowed as a deduction under section 24(b) of income from house property. the interest is given to be reasonable and all proper documents are furnished for it.

if nothing is mentioned about medical re-imbursment. would we treat it to be fully exempt or exempt only upto rs 15,000.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

30 October 2010 Deduction under section 24(b) will be allowed.

Guest

Guest (Expert)

30 October 2010 Dear,

Interest on loan from any person including family members,friends and relatives is an allowable deduction.
Sec.24 does not require the amount to be borrowed from specified bodies only,
as in case of deduction u/s.80C(2)(Xviii) on repayment of loan obtained for purchase/construction of house.

Best Regards

K.Ilayaraja.

Sachin Agarwal

Sachin Agarwal (Querist)

30 October 2010 thank u so much for the replies..

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