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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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