14 December 2012
Suppose Mr. A has a loan of Rs. 10 lacs from Bank. He dies after paying 5 EMI, Now the Instalment for that loan is being paid by Mr. B his son My question is whether Mr. B shall be entitled for deduction/benefit of EMI paid by him in Income tax.
14 December 2012
FOR WHAT PURPOSE LOAN IS AVAIL BY HIM..??
their is no clause in this regard. But if any income is generate from that loan amount (10 lakhs) and his son is receiving that income, then his son is eligiable for deduction of interest.
CAclubindia
