section 24 deduction

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This query is : Resolved

krishnaraj (Querist)

15 March 2009 Can I deduct Rs 30000 towards loss incurred by way of paying interest to a loan obtained from my relative for repair of existing residential house.Is there any necessity to produce any certificate.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)

15 March 2009 therotically certificate is required but for practical purpose if income is too high or if in past you have made such deduction,
you can claim it easily

CA.SHAHZAD SAYYED

CA.SHAHZAD SAYYED (Expert)

15 March 2009 I Think u/s 24(b) Interest is allowed as deduction only when borrowed from Bank, Financial Institution, just clear whether Loan taken from relative is admissible for deduction

C A GROUP COACHING

C A GROUP COACHING (Expert)

15 March 2009 YES YOU CAN CLAIM THE DEDUCTION EVEN ON LOAN TAKEN FROM PVT SOURCES BUT THE CONDITION IS VERY CLEAR THAT YOU WILL BE REQUIRED TO PROVE & SHOW THAT THE LOAN TAKEN WAS DIRECTLY USED TOWARDS THE PROPERTY PURCHASE AS MENTIONED. NO BREAK IN CHAIN FROM RECD TO UTILITY SHOULD BE THERE

CHANDRAKANT AMBANI
BOMBAY
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