Nterest paid to partner can be claimed under 24b.

This discussion explores whether interest paid to a partner for capital contributed to a building can be claimed under Section 24b of the Income Tax Act. While the Act doesn't mandate loans from financial institutions for this section, the claim is only valid if the capital is for acquiring or constructing residential property. Crucially, interest on partner's capital contribution cannot be claimed under Section 24b, as it only applies to borrowed capital. The thread also touches upon co-borrower scenarios and claiming deductions for principal and interest.