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 . . . .

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 July 2011 Seems difficult to substantiate the claim of section 24(b) of the Income tax Act,1961.

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