Deduction u/s 24b of house property
This query is : Resolved
11 April 2013
My doubt is that if I take a loan for purchasing a house from a friend/relative or against FD from a bank, can I claim deduction u/s 24b of the interest amount on such loan?
11 April 2013
dear neha..
sec 24 says that if you construct/acquire a house property from borrowed funds you can take befit of interest for Rs. 30000/150000 as the case may be, irrespective of the source from where you have borrowed funds..
difference b/w funds borrowed from bank and relative /friend is matters u/s 80C on repayment of loan..
because benefit of loan repayment to bank / financial institutions gets eligible to be deducted not repayment to friend/relative...
sec 24 says that if you construct/acquire a house property from borrowed funds you can take befit of interest for Rs. 30000/150000 as the case may be, irrespective of the source from where you have borrowed funds..
difference b/w funds borrowed from bank and relative /friend is matters u/s 80C on repayment of loan..
because benefit of loan repayment to bank / financial institutions gets eligible to be deducted not repayment to friend/relative...
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
