I have purchased one Property at Chennai
i have taken Loan From my relatives and friends
Now i am earning Rent income from that property.
i have paid interest on that loan amount
can i claim it U/s 24(b) ?
3 Replies
Kuldipsinh Jadeja
(Job)
(357 Points)
Replied 07 March 2016
Yes, interest would be allowed as deduction if the loan is taken for purchase, construction, repair, renewal or reconstruction of the house. Also obtain documentary proof such as a certificate or declaration from your freinds/relatives for the interest paid to them. However, Principal repayment would not be allowed as deduction u/s 80c.
RAKESH KUMAR BEHERA
(STUDENT)
(185 Points)
Replied 07 March 2016
I personaly want to Thanks you...for your help
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