Interest deduction u/s 24 on loan taken to repay loan abroad

Hello, i would like to understand whether the interest paid on a mortgage loan taken in India , against an Indian property, to repay a mortgage loan taken in the USA against a property there, which money was used to fund the acquisition of a property in India, can be claime d as a deduction? the sequence of events is as follows. 1. a mortgage loan is taken in USA by an nri , against a property there and the funds are transferred into the NRE account of the NRI borrower in India. 2. he purchases a property in India with the same funds. 3. he avails a loan against property in India against another property of his and uses those funds to repay his US bank within 60 days of taking the original loan in the USA and also within 60 days of acquiring the property. Thus the mortgage loan taken in India has indirectly funded acquisition of the property in India using the US loan as a stop gap measure. can the NRI claim a deduction for the interest paid on the Indian loan under section 24 by claiming that the funds were used for acquisition of property in India? what documents will be required to makev this claim?
Replies (1)

Hi,

 

Deduction u/s 24 is not available for mortgage loan.

 

Thanks//VaibhavJ

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 27 October 2026
semi-qualified CA

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Final

View Details
Company
ARTICLESHIP 29 October 2026
Article Assistant (CA Inter / CMA Inter) - Thrissur

Varma Raja & Associates

Thrissur

CA Inter

View Details
Company
14 October 2026
Accountant

Rize.farm

Bengaluru

B.Com

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details