INCOME FROM HOUSE PROPERTY
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2011
i have given my flat papers as guarantee to a freind. he didnot clear the loan. bank has initiated recovery proceedings . To clear the loan I have to borrowed funds. After clearing the loan amount I rented the Flat . Will the interest on borrowed fund be allowed under section 24 . will the expenses incurred to clearing the loan will be allowed against the Income from the House Property
05 July 2011
Absolutely No, since section 24(b) of the Income tax Act,1961 does not permit for such a deduction.
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