Interest u/s 24(b)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 July 2011
asseessee has obtained a bank overdraft and applied the same for construction of residential building . .All the sanctioned documents are in the name of the firms . .but the assessee is diverted the fund and cosntructed the building . now asseessee is earning rental income and paying OD interest . . Whether asseessee can claim that interest u/s 24(b) ??
THANKS IN ADVANCE . . . .
THANKS IN ADVANCE . . . .
18 July 2011
No. Section 24(b) allows the Interest on loan specifically for housing loan. which is borrowed from bank or others. so your case is the fund is diverted from business loans. not eligible for sec.24(b)
18 July 2011
Seems difficult to substantiate the claim of section 24(b) of the Income tax Act,1961.
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