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

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... I have taken the loan from the 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... if I borrow loan from wife and make 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 - .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... The Reply = Yes as per circular dated 20/8/1969 no. 28, once can claim the deduction of interest even on the loan taken to repay the original loan amount. - Deduction u/s 24 of I. T. Act, 1961 - Q .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... uery Started By: - Vartik Choksi Dated:- 5-3-2014 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxma .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X