interest deductible from house property?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2010 if a loan is taken from any relative, is interest payable on the same allowable as a deduction u/s 24 as interest on borrowed capital?

CA Deepak S

CA Deepak S (Expert)
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04 January 2010 interest on loan from relative, friends for housing is allowed as a deduction as per sec 24. But principal re payment of which is not allowed as deduction u/s80C

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2010 does the term relative include spouse/ children( not minors) also??

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Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2010

CA Deepak S

CA Deepak S (Expert)
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04 January 2010 Yes