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Interest u/s 24(b)

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This query is : Resolved

CA Suraj Prasad Shaw (Querist)
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19 December 2012 Whether interest on loan taken from relative is claimed as deduction u/s 24(b) of Income tax act 1961, under the head income from house property. Whether interest claimed will be disallowed if the property for which deduction is claimed is sold within 2 years of purchase of the property. Please provide the case laws also.

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@VaibhavJ

@VaibhavJ (Expert)
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19 December 2012 hi

there is no such provisos if int is claimed as deduction u/s 24.

If it is claimed u/s 48 then there is restriction on sale of house property.

Thanks//Vaibhav
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