Davinder Sodhi (Lawyer) (66 Points)
27 July 2010Hiii
if an individual has taken loan against property against his rented commercial property, can he deduct the interest part from the rental income????
The borrowed funds was used for personal purpose...
Member
(Management)
(325 Points)
Replied 29 July 2010
I assume that the individual has a commercial property which is let out. He has taken a loan "against" this property, which means that he has used it as a collateral for his personal loan.
How then can he be eligible for deduction u/s 24? It was not borrowed for the purpose of construction of property.
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