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 Topic
- Composition scheme
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
Related Topics
CAclubindia
