One of the director having housing loan on his residential property of Rs.12crore & paying interest of around Rs 1crore P.A., since there is restriction in house property under income tax that interest expense can be claimed upto 2 lakh P.A. on owned property and receiving remuneration from company of Rs. 2cr., so he want to claim interest on such loan in the company in which he is director without transferring the ownership of property to company is there any possibility that loan can be transferred without attracting tax liability.
or is there any way that company or he can claim the benefit of interest on such loan as tax expense.
Kindly suggest something
No neither can he transfer his loan liability nor he can claim excess interest paid as expense
CAclubindia
