banner_ad

Deduction u/s 24 - intrest on borrowings

This query is : Resolved 
Profile Image

Profile Image

(Querist)
09 December 2008 # Pl clarify if interest on borrowings, other than specific housing loans, like personal loans used for repairs of own house are eligible for deduction as property loss ( self occupied property) u/s 24
# If yes, can it be taken in account by the DDO/Employer
# If yes, can Audit ask for proof other than documents/statements as listed for submissions to the DDO/employer at the time of TDS - or disallow it and ask for return/refund?
Profile Image

K V Subba Rao

Profile Image

K V Subba Rao (Expert)
09 December 2008 Yes. Interest on Borrowings for Repairs is allowable upto Rs 30000.

With regard to considering Interest on Borrowings from other than specified sources such as Banks etc., by the Employer, I suggest you visit https://www.taxworry.com/2007/07/is-deduction-of-interest-on-loan.html.

Undoubtedly, Employer has authority to ask Employee to produce evidence to full satisfaction of the Employer

However, I personally feel Employer should desist from taking note of such Interest expenditure for obvious reasons
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
09 December 2008 Though legally it is allowable us 24(b),I fully agree with Rao's reply.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details