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Details for deduction

This query is : Resolved 
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(Querist)
19 December 2012

dear sir,

whether or not applicable the deduction as per section 24(b) in the following case.


An individual is take loan from bank for construction of house with mortgage of his bus so the interest on vehicle loan is allowed as a deduction as per section 24 (b)?
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
19 December 2012 Interest on vehicle loan not eligible to get deduction u/s 24(b).

OM SAI SRI SAI JAI JAI SAI
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
19 December 2012 1. The assesee has to prove that the loan proceeds have been exclusively utilised for the purpose of construction of the property.
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2. He has to produce interest certificate from the Bank.
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3. The term "vehicle loan" is different from a "mortgage loan". Please be certain about the correct term. Further it is not a home loan also.
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4. Still, in case, condition 1 & 2 above are satisfied properly, risk may be taken to claim Interest U/s 24(b).
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