Any one can tell me what would be the maximum rate of interest for the money borrowed from a relative for the construction or acquisition purpose? as there is no limit on deduction of interest on borrowed capital for construction/ acquisition on the property let out, whether the capital can be borrowed from a relative having income less than maximum exemption limit for tax planning purpose???
Menu
Rate of interest of borrowed capital
Replies (5)
Hi, yes in my opinion you will definitely get the deduction of interest part under the head the income from house property u/s24(b) as there is no condition from which to be borrowed , but you need to take care of that you will not get the deduction u/s80c of the principle amount as there condition has been laid .
You can claim deduction u/s 24(b).
claim deduction u/s 24(b)
Click here to get solution of ur query ...!
Gourav: well i have not seen anywhere in the act the rate of interest...is it 12%???
Recent Topics :
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
- Question on buy back of shares
- Saving corporate tax completely on profit from rea
- Hi experts need some helps
- A query regarding GST and Place of Supply:
- ADT-3 not filed by previous Auditor
- Revising salary on 24Q Q4 FY 25-26
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
Related Topics :
CAclubindia
