Income from house property
This query is : Resolved
27 January 2014
'A' has a letout property. The property has been purchased under EMI scheme.he has to pay 120 EMI of Rs 10000 which includes 50% as interest.he has defaulted last 20 EMI. To repay outstanding EMI and penal interest Of 20000 he borrowed 220000 on 1 st October 2012 @15% p.a What Will be total interest deduction
AVTAR SINGH
(Expert)
27 January 2014
Only interest paid on the amount borrowed for purchase of property is eligible for deduction.
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