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Deduction of interest on loan u/s 24(b)

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34 Points Posted on 28 October 2019
while calculating income from house property loan taken for construction of house is 100000 and interest on that is 25000p.a and to pay that interest another loan was raised and the interest on that loan is 6000.p.a will this 6000 along with 25000 can be claimed as deduction?
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On 28 October 2019 at 14:27 Report
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student
127 Points Posted on 28 October 2019

No. only Rs. 25000/- can be claimed under sec. 24(b) of IT act.

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On 28 October 2019 at 15:00
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audit manager
459 Points Posted on 28 October 2019
Actually what is the benefit of take another loan to pay interest of first loan?????
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On 28 October 2019 at 21:12
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229 Points Posted on 29 October 2019
Deduction only available under 24(b) if the loan is taken for construction of house property second loan do not qualify for deduction
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On 29 October 2019 at 04:00
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34 Points Posted on 29 October 2019
But i ivestigated it further u suggestion is not matching with circular no. 28 issued by CBDT dated 20/8/1969
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On 29 October 2019 at 06:08
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17264 Points Posted on 29 October 2019
If AO observes and come across to know that interest is paid @ 25% p.a. he may ask to justify and most probably he may not allow full Deduction but restrict it to just and fair around 10%.
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On 29 October 2019 at 15:12
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34 Points Posted on 29 October 2019
Ok but accordingly in this matter i m more intersted about knowing the treatment of that 6000 and not the rate of int
anyways thnx for ur suggestion
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On 29 October 2019 at 16:40
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17264 Points Posted on 29 October 2019
In addition to above reply, interest of 6000 is not allowable
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On 29 October 2019 at 18:19


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