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

Vartik Choksi

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 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?

Interest deduction under section 24: interest on a loan taken to repay an earlier home loan is deductible. Interest paid to a related lender for funds borrowed to repay an original housing loan is treated as deductible under section 24; a revenue circular dated 20/8/1969 No. 28 permits claiming interest deduction on a loan taken to repay the original loan. (AI Summary)
Income Tax
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CAGOPALJI AGRAWAL on Mar 5, 2014

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.

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