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deduction u/s24b

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 April 2011 An individual owns a residential house property which is self occupied and no loan borrowed against this property.
Now he borrowed loan of Rs.20 lakhs from his friend for purchase of another residentail house property. This house property is let out and he pays interest of Rs.2 lakhs per annum to his friend against this loan.
Is this interest paid to friend for loan borrowed for purchase house property allowable u/s 24b and upto which amount and what documentary proof is required for the same.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
07 April 2011 Deduction under section 24(b) can be claimed without any cap.
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