banner_ad

Loan taken interest free from parents and relatives

This query is : Resolved 
Profile Image

Profile Image

(Querist)
21 November 2011 An assessee has taken Loan from Relatives and Parents to buy a house. What are the kinds of deduction benefitsbe taken under the Income tax 1961?
Profile Image

CA Ayush Agarwal

Profile Image

CA Ayush Agarwal (Expert)
21 November 2011 Why Deduction Required.
No Interest paid.
No Any Income.
No Expenses.
Profile Image

Kapil Gupta

Profile Image

Kapil Gupta (Expert)
22 November 2011 Deduction is allowed only if the payment are made to public financial institutions.
Profile Image

CA CS CMA Sanjay Kumar Sareen

Profile Image

CA CS CMA Sanjay Kumar Sareen (Expert)
22 November 2011 WHERE HOUSE PROPERTY IS BOUGHT AGAINST THE LOAN.SECTION 24(B)DEDUCTION IE., INTEREST ON CAPITAL BORROWED IS AVAILABLE.

IN THE PRESENT CASE IT IS INTEREST FREE LOAN HENCE NOT ENTITLED FOR ANY DEDUCTION UNDER SECTION 24(B).
Profile Image

CA. DINESH KUMAR

Profile Image

CA. DINESH KUMAR (Expert)
23 November 2011 Deduction u/s 24 is available for interest payable on loan. Loan may be from financial institution or any other.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details