Interest deduction on loans from friends or relatives allowed only if used for house purchase, construction, repair, renewal, or reconstruction. Interest paid on loans from friends or relatives is deductible for calculating income from house property only when the loan is used for purchase, ... Summary
Interest deduction on loans from friends or relatives allowed only if used for house purchase, construction, repair, renewal, or reconstruction.
Interest paid on loans from friends or relatives is deductible for calculating income from house property only when the loan is used for purchase, construction, repair, renewal or reconstruction of the house; interest on loans used for personal or other purposes is not an allowable deduction.
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