I have purchased one Property at Chennai
i have taken Loan From my relatives and friends
Now i am earning Rent income from that property.
i have paid interest on that loan amount
can i claim it U/s 24(b) ?
I have purchased one Property at Chennai
i have taken Loan From my relatives and friends
Now i am earning Rent income from that property.
i have paid interest on that loan amount
can i claim it U/s 24(b) ?
Yes, interest would be allowed as deduction if the loan is taken for purchase, construction, repair, renewal or reconstruction of the house. Also obtain documentary proof such as a certificate or declaration from your freinds/relatives for the interest paid to them. However, Principal repayment would not be allowed as deduction u/s 80c.
I personaly want to Thanks you...for your help
You are most welcome
O P Bagla & Co LLP
New Delhi
CA Inter
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