Interest on mortgage loan-dedn u/s. 24b ?
This query is : Resolved
13 November 2013
one of my client has a Let out residential property. In the current year he has taken a mortgage loan on the said property.
can he claim interest paid as dedn u/s. 24b ?
can he claim interest paid as dedn u/s. 24b ?
13 November 2013
no. such interest is not deductible. Interest deduction is allowed only if such loan was taken to buy the said property.
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14 November 2013
Deduction under section 24 is available for loan taken towards purchase or construction of houseproperty.Hence mortgage loan interest is no deductable under the head house property.
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