Mortgage Loan

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NITIN (Querist)
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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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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