Mortgage Loan
This query is : Resolved
13 July 2011
Dear Sir,
if I have taken a Mortgage loan against my house, what is the treatment in the income tax on loan re-payment and its intrest.
if I have taken a Mortgage loan against my house, what is the treatment in the income tax on loan re-payment and its intrest.
CA PARAS BAFNA
(Expert)
13 July 2011
It is not treated as housing loan if you have not taken loan for the purpose of purchase, construction or repairs of the house.
n case you have given loans and receiving interest you may get deducted the interest
against it. Otherwise, debit your capital account and do not claim it.
n case you have given loans and receiving interest you may get deducted the interest
against it. Otherwise, debit your capital account and do not claim it.
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