Housing Loan Interest

Dear,

Interest on borrowed capital

Interest payable in India on borrowed capital, where the property has been

Acquired,

constructed,

repaired,

renovated

or

reconstructed

with such borrowed capital, is allowable as a deduction ( on accrual basis).

Note :

Interest on loan from any person ( including family members, friends and relatives) is an allowable deduction.

Sec.24 does not require the amount to be borrowed from specified bodies only,

As in the case of deduction u/s.80C(2)(XVIII) on (3).

Regards

K.Ilayaraja