Can interest paid on loan provided by holding company to subsidiary company for vacating the tenants of the residential premises be claimed by the subsidiary company u/s.24(b)? The said loan is paid to the subsidiary company from time to time. The subsidiary company derives income from house property by giving the flats so vacated on L & L basis.
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Section 24(b)
Replies (2)
Yes payment made by Holding company on behalf of Subsidiary company as exp.
but while calculating Imcome Under the head house propery it will not allowed as exp
Hi..
U can claim u/s 24b if u hav acquired loan for the purpose of purchase, construction,
repair, renewal or reconstruction of the house property. In the given case loan for vacanting employees is not under scope of sec 24b.
But there is no specification regarding the int paid by subsidiary to holding. so its deductible.
But as far ur case the purpose doesnt fit u/s 24b hence not deductible.
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