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u/s 24 b of the income tax act 1961

This query is : Resolved 
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(Querist)
04 March 2011 kindly give the nature of loan on intt. can be cliamed under section 24b under the head house property and is any person can cliam intt. on unsecurd loan under the 24 b
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
04 March 2011 Interst paid on borrowed capital taken for the purpose of acquiring, repairing, constructiong of house property is allowed u/s 24(b) of the I.T.Act
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K V Subba Rao

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K V Subba Rao (Expert)
04 March 2011 Interest for house purpose could be claimed on unsecured loan also. But be prepared to offer suitable explanation, when needed, for source of loan.
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CA. Lohith Jagadeesh

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CA. Lohith Jagadeesh (Expert)
11 March 2011 HI,

Interest on Loan taken for the Purpose Construction will be allowed U/Sec 24 (b) regardless of whether it is an unsecured Loan or a Secured Loan. However suitable explanation needs to be given if called upon for Scrutiny.

Thank you,

Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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