Partner has contributed building as capital which is earning rent. Can interest paid to partner can be claimed under 24b.
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Nterest paid to partner can be claimed under 24b.
Replies (4)
Yes it can be claimed under section 24 b. income tax act doesn't specify loan should be from financial institutions in section 24b..but such a claim is possible only if the loan is taken for acquisition or construction of residential property
24.b provides deduction only for borrowed capital. If firm is paying interest for partner share capital, it cannot be claimed under section 24.b
Yes interest in partner's capital cannot be claimed under section 24
If co-borrower (individual) took home loan, but interest including principal was deducted from one applicant's bank account instead of joint bank account of co-borrower. is it possible to claim the interest as 50% for one and 50% for another partner in u/s 24b and 80C both at time of return filing. Pls answer me soon sir .
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