Loan taken interest free from parents and relatives
This query is : Resolved
CA.Vinita Gupta
(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?
CA Ayush Agarwal
(Expert)
21 November 2011
Why Deduction Required.
No Interest paid.
No Any Income.
No Expenses.
No Interest paid.
No Any Income.
No Expenses.
Kapil Gupta
(Expert)
22 November 2011
Deduction is allowed only if the payment are made to public financial institutions.
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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).
IN THE PRESENT CASE IT IS INTEREST FREE LOAN HENCE NOT ENTITLED FOR ANY DEDUCTION UNDER SECTION 24(B).
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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.
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