Interest on loan for house property

This query is : Resolved

CA Sreenivasa Rao Munaga (Querist)
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11 September 2011 Dear All,

If interest paid on loan taken for house property from a financial institution (not a nationalized bank)is allowed as Deduction u/s 24?

In the same way, if the interest is paid on loan taken for house property from an outsider (promissory Note or any other instrument) is allowed as deduction u/s 24

Thanks,
CA M Sreenivasa Rao.

CMA Gul S

CMA Gul S (Expert)
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11 September 2011 No the loan taken from an outsider is not exempted u/s 24

CA Sreenivasa Rao Munaga

CA Sreenivasa Rao Munaga (Querist)
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11 September 2011 Then, what about the Loan taken from a Financial Institution (Not a Nationalized Bank)?

Please get back to this question

Thanks,
M.Sreenivasa Rao.

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