22 January 2013
I borrowed loan from financial institution and now I'm constructing the building in a site. This site is belongs to my father. can i clam deduction on interest i'm paying on borrowed capital? please tell me soon its urgent
22 January 2013
Hi You cant claim dedcution as you are not the owner .
Kindly go thorugh the section 23 and 24 of the income tax act ,1961 .
Income from house property.
4922. 50The annual value of property consisting of any buildings51 or lands appurtenant51 thereto of which the assessee is the owner51, other than such portions of such property as he may occupy51 for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under the head "Income from house property".
CAclubindia
