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Interest on borrowed capital means......?

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(Querist)
23 December 2009 What includes the term Borrowed Capital for the section 24..? If overdraft is taken for construction of house, will the interest on such overdraft will be allowed u/s 24?
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
23 December 2009 Yes; for the purpose of section 24(b); it is borrowed capital.

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