Interest paid on capital assets (Residential Land)

VIKASSANCHETI (ARTICLE ASSISTANT) (43 Points)

27 October 2020  

I HAD BUY RESIDENTIAL PLOT OF Rs. 500000, ON WHICH I BORROW FUND FROM MY FRIENDS OF Rs. 200000. Can WE ADD INTEREST PAID AMOUNT TO COST OF MY PLOT OR NOT AS PER INCOME TAX LAWS.

PLEASE ANSWER MY QUESTION AT EARLIEST.