Hi,
We have property at bengaluru. Property is in the name of Mrs. X My husband has taken loan by mortgaging the documents of the property said above to construct office space for his use(in first floor). Mrs. X is one of the applicant in the loan. Loan is repayed from my husband. My husband is runnig a proprietoryship business. Can he claim interest repaid as an expense. Please note that property is not in his name. If property has to be in his name to claim the interest as expense, what is the document/agreement to be made between owner and repayer of loan.
CAclubindia
