Section 24 of the IT ACT 1961

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Dipti Shetty (Querist)
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11 December 2009 Old Flat sold: 12.02.09 (was purchased on 21-01-06)
new flat purchased: 06.03.09.

now as on 31.03.2009 - can i claim under sec 24, deduction of interest on borrowed capital of the old house, as the loan is being fully repaid within a period of 3 years.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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11 December 2009 As far as my knwoledge and reference to the section 24 is concerned, we can not claim interest of old property against any new property. But the practical solution is that you should sale old property alongwith that interest cost, means interest cost to be made part of cost of acquisition, so that benefit can be claimed.

Dipti Shetty

Dipti Shetty (Querist)
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11 December 2009 thanx a lot sir.

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Section 24 of the IT ACT 1961

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