Deduction u/s 24 - intrest on borrowings
This query is : Resolved
Mahip Sandal
(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?
# 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?
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
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
09 December 2008
Though legally it is allowable us 24(b),I fully agree with Rao's reply.
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