Can we get deduction of Reconstruction Housing Loan and Interest u/s 80C and 24
1 Replies
(Guest)
Dear,
Interest on borrowed capital
Interest payable in
Acquired,
constructed,
repaired,
renovated
or
reconstructed
with such borrowed capital, is allowable as a deduction ( on accrual basis).
Note :
Interest on loan from any person ( including family members, friends and relatives) is an allowable deduction.
Sec.24 does not require the amount to be borrowed from specified bodies only,
As in the case of deduction u/s.80C(2)(XVIII) on (3).
Regards
K.Ilayaraja
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