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
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
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.
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.
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