Income tax

R M DAGA (Querist) 08 March 2013 This query is : Resolved
PL CLARIFY WITH CASE LAWS WHETHER INTEREST PAID ON LOAN TAKEN TO MAKE PAYMENT TO VERY OLD TENANT TO VACATE PROPERTY SO THAT IT CANE BE GIVEN ON RENT TO OTHER AT PREVAILING RATE,IS DEDUCTIBLE U/S. 24(b)FROM INCOME FROM HOUSE PROPERTY,SINCE ACCORDING TO ME SINCE IT IS ACQUISITION OF PROPERTY.

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devdatta Jadhav (Expert) 11 March 2013
per s.24, to claim interest deduction,acquisition of property must be with the help of loan. reentry into premises does not amounts to acquisition. ownership does not changes. so no deductipn of interest can be claimed

Raj Kumar Makkad (Expert) 13 March 2013
No deduction can be claimed as desired because the situation do not fulfil the requirement of the section.

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