Interest on borrowed capital
This query is : Resolved
25 September 2007
Whether interest payable on loan taken from banks for construction of a house on the land owned by wife, can be claimed as deduction under section 24 of I.T.Act by the husband in his personal return? Is it necessary that the land must be owned to claim deduction of interest payable on loan taken for construction of house?
26 September 2007
The owner of the land and the owner of the building may/can be different persons. one can own super structure on the land owned by another. Interest on funds borrowed for construction of builing/super structure can be claimed by the owner of the building withour any reference to landlady.
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