Deduction u/s 24 of I. T. Act, 1961

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..... Deduction u/s 24 of I. T. Act, 1961
Query (Issue) Started By: - Vartik Choksi Dated:- 5-3-2014 Last Reply Date:- 5-3-2014 Income Tax
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Income Tax
I have taken the loan from the .....

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..... bank to purchase the house. I am regular in making the payment of interest and principle to the bank. I also claim interest deduction u/s 24 of I. T. Act, 1961. Now if I borrow loan from wife and make .....

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..... the repayment of loan to the bank, whether I would be eligible to claim interest payable to my wife u/s 24 of I. T. Act, 1961? Reply By CA GOPALJI AGRAWAL: The Reply: Yes as per circular dated 20/8 .....

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..... /1969 no. 28, once can claim the deduction of interest even on the loan taken to repay the original loan amount.
Discussion Forum - Knowledge Sharing .....

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