Interest on loan from house property
This query is : Resolved
CA MANISH BINDAL
(Querist)
08 April 2015
Sir, if I had taken loan on construction of house property other than from bank. Can I claim deduction on interest on loan taken for house property
08 April 2015
Yes. You can claim deduction on interest you paid. In case of NBFC, AO will accept the same.
However, in case of lender is individual, the AO may be dis-allow the same. Therefore-
1. Take a loan by account payee cheque only.
2. Obtain a pan copy of the lender.
3. Verify, whether the lender has shown such amount in his income tax return? If not, ask him to show.
4. Keep the photocopy of the cheque along with the bank statement of credit details.
5. Pay the interest in account payee cheques only.
However, in case of lender is individual, the AO may be dis-allow the same. Therefore-
1. Take a loan by account payee cheque only.
2. Obtain a pan copy of the lender.
3. Verify, whether the lender has shown such amount in his income tax return? If not, ask him to show.
4. Keep the photocopy of the cheque along with the bank statement of credit details.
5. Pay the interest in account payee cheques only.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Tax on Amount transferred in HUF Account
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
