interest deduction on home loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 March 2011
If i get a property by paying no consideration and showing the amount as a loan, and take a loan against property to repay it, so will the interest & principal repayment be allowed as deduction under income tax?
23 March 2011
No, it is not housing loan, so not eligible
23 March 2011
You cannot claim any interest in the above transaction doesnot amount to housing loan and as such nothing will be availabe for tax deduction..
24 March 2011
Hi,
Agreed with Experts
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Agreed with Experts
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 March 2011
plz kindly clarify my doubt that when the interest paid on unpaid amount of house to the seller and the interest paid to relative for providing such loan is eligible for deduction u/s 24 so why not against property loan that has been used to pay the amount of house
24 March 2011
Hi,
First Clairfy why you have to take a loan when you have got the Property with out any Consideration??????
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
First Clairfy why you have to take a loan when you have got the Property with out any Consideration??????
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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