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interest of house loan

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(Querist)
14 October 2008 if house is taken on 31st july 2008 and loan on house(not mortgage loan) is taken on 31st october 2008, than whether interest on such loan is allowed as deduction under section 24(b) in Income from house property ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
14 October 2008 No because the loan is taken not for the purpose of construction or buying of the house. This view is applicable for self occupied as well as let out house.
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K V Subba Rao

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K V Subba Rao (Expert)
15 October 2008 If you used the loan taken on 31st Oct 08 for repayment of loan taken for purchase or construction on 31st Jul 08, then it is possible.

If you purchaed or constructed house with own funds, you are not entitled for Sec 24 benefits

So check up if you could establish using fresh loan taken on 31st Oct 08 for settling the old loans
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