The question is
1. Is the HUF entity allowed to take home loan for purchase of property.
2. If the answer to the above question is Yes, then Is HUD allowed to take tax break on the same.
Regards
Rajan Gumnani
Rajan Gumnani (Service) (114 Points)
23 January 2009The question is
1. Is the HUF entity allowed to take home loan for purchase of property.
2. If the answer to the above question is Yes, then Is HUD allowed to take tax break on the same.
Regards
Rajan Gumnani
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 23 January 2009
Yes, HUF is allowed to obtain home loan and also allowed to claim deduction in respect of interest on amount borrowed for house property. The Karta of HUF being natural person, aforesaid benefit of SOP is applicable.
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