Tax quiry

hey frnds, i saw in many of salaried returns that ass/ca r trying to claim 'interest on loan other than bank (for construct home)' . can it is possible.???????? as i know it is nt allowded,.... can u focus me whts the matter is this,,,,????????? pls comment,,,,

Replies (5)

Loan amt. has to be paid to financial institution.... gross negligence if claiming dedcution for making payment to to other then Financial Institution.

Bhavik ( www.vaibham.com )

According to my knowledge it can be claimed. It has nothing to do with the status of lender.

If one can get deduction of the interest paid on the house purchased on installments then it is also possible.

 

Please check out section 24(b) . if any mistake then kindly share it .

Deduction U/s 24 (b) is on interest on loan.

 

From whom it is not mentioned , so according to my knowledge the deduction can be claimed.

 

Wait foe views of other learned members....

Sec 24(b) says interest on borrowed capital is allowable as deduction if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property.

The above section makes it clear that money can be borrowed from anyone but you have to keep sufficient document for the proof.

Yes Interest paid on loan taken for purchase or construction of house property can be claimed as an expenditure.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
Featured 12 September 2026
Assistant Manager - Finance & Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details