X HAS TAKEN LOAN FROM HIS FRIEND FOR MAKING A HOUSE AND PAID INTEREST AMOUNTING TO RS. 24000.00 YEARLY.
IS IT DEDUCTIBLE FROM INCOME FROM HOUSE PROPERTY.
FURTHER THE REPAYMENT OF SUCH LOAN CAN ALSO BE CONSIDERED FOR SECTION 80C
- CA SUDHIR HALAKHNADI
Under Sec24income chargeable under the head Income from house property shall be computed after making making the following deductions
1 30% of the Annual value AND
2 where the properrty has been purchased or contructed or repaired or renewed or re constructed with borrowed capital the amount of intrest payable on such capital
so in my opinion interest payed even to a freind shall qualify for deduction under sec 24
for the pur[pose of 80c installment should be payed to certain specified persons as given in the section so in this case deduction under sec 80c cant be claimed
agree with pranav
yes i agree with pranav
CAclubindia
