Intrest on Amount Borrowed for Acquition of House Property
This query is : Resolved
11 March 2010
Pls advice on the following:
Amount has been borrowed from financial institute/ relative for acquition /construction of house property(being self occupied).
Can the interest on above borrowing be claimed as deduction U/s 24 (ii)from Income from house property.
If allowed, is there any notification/circular in this regard?
Amount has been borrowed from financial institute/ relative for acquition /construction of house property(being self occupied).
Can the interest on above borrowing be claimed as deduction U/s 24 (ii)from Income from house property.
If allowed, is there any notification/circular in this regard?
11 March 2010
Interest on housing loan taking from any one can be claimed as a deduction u/s 24.
Only for the purpose of deduction u/s 80C of the principal amount loan needs to be taken from a financial institution.
Only for the purpose of deduction u/s 80C of the principal amount loan needs to be taken from a financial institution.
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