Hp interest

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2012 If an assessee takes loan from friend or relative for buying house ,and if there is a valid agreement to repay int and loan amount ,can he claim deduction for Int on borrowed capital under Income from House property.Or only banks /financial institutions loan would be valid? Pls explan with reference to construction within 3 yrs from date of borrowing

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

01 September 2012 Interest on borrowings from individual is an allowable deduction u/s 24(b) for calculation of income from HP under the Income tax Act,1961.

Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2012 Is there any circular or court case order supporting this (Could you pls send that ,if possible ) or only provisions relating to HP income u/s 24 govern this .Thanks in adv

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

T E SOUNDARARAJAN

HITESH NIRANJAN SAHU

Ishwar Radhakisan Tawani

RAJ SANKLECHA

Aakash Kumar

Subscribe Now

Hp interest

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Manager- Finance and Compliance

Senior Executive

GST CONSULTANCY

CA Final

GST CONSULTANT