Section 24(b) of the Income Tax Act allowed the deduction of Interest paid on money borrowed for the purpose of purchase, repairs, renovation, etc. of house. However, it is not necessary that the money should have been borrowed as a home loan or from any banking institution. Interest paid to your fRead more
Section 24(b) of the Income Tax Act allowed the deduction of Interest paid on money borrowed for the purpose of purchase, repairs, renovation, etc. of house. However, it is not necessary that the money should have been borrowed as a home loan or from any banking institution.
Interest paid to your friends and relatives in respect of money borrowed for the purposes specified above can also be claimed under section 24(b).
But the actual use of the personal loan should be only for the purpose of the purchase, repairs, renovation, etc. To prove this, the personal loan should be taken through a bank account and the expenditures made for the above purpose and payment of interest should also be made from the bank account.
Section 24(b) of the Income Tax Act allowed the deduction of Interest paid on money borrowed for the purpose of purchase, repairs, renovation, etc. of house. However, it is not necessary that the money should have been borrowed as a home loan or from any banking institution. Interest paid to your fRead more
Section 24(b) of the Income Tax Act allowed the deduction of Interest paid on money borrowed for the purpose of purchase, repairs, renovation, etc. of house. However, it is not necessary that the money should have been borrowed as a home loan or from any banking institution.
Interest paid to your friends and relatives in respect of money borrowed for the purposes specified above can also be claimed under section 24(b).
But the actual use of the personal loan should be only for the purpose of the purchase, repairs, renovation, etc. To prove this, the personal loan should be taken through a bank account and the expenditures made for the above purpose and payment of interest should also be made from the bank account.
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