Interest on od
This query is : Resolved
SREEJITH PONNETH
(Querist)
15 June 2014
can we claim in interest on over draft frm incme frm house property. ? That o.d was taken for the purpose of construct a building...The same building is let out. ..
Nikhil Kaushik
(Expert)
15 June 2014
generally OD is a general purpose working capital loan.
therefore, though you might be able to claim interest deduction, you might well have to prove that the loan was used for construction of the building. This would further require that the loan documentation doesn't contradict your claim
therefore, though you might be able to claim interest deduction, you might well have to prove that the loan was used for construction of the building. This would further require that the loan documentation doesn't contradict your claim
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