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
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
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