I atken loan from my friend for Flat purchased and also i get ownership of that flat.Now i want take home loan fron Bank for paying to my friend.
CAn i get Benifit of Interest u/s 24(b)
Regards.
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Deduction u/s 24(b) of income tax act
Replies (4)
No. You shall not get the benefit.
yes , u shouldn't avails the sec24(b) benifit.
Devendra is right..
If he has piad interest and he can prove it and the case is geniune, then why deduction u/s 24(b) be denied?
I think deduction can be claimed as section 24 b allows deduction for interest on loan taken to repay the original loan if the interest on original loan was eligible for deduction. In this case original loan was utilised for the purpose of acquisition of house and hence was eligible unless there is a requirement that the loan be taken from a financial institution. I am not aware of any such requirement. If there is please let me know
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