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FAQ on e-Dispute Resolution Committee and Form 34BC (No. of topics: 40)

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Can interest paid on loans taken from friends and relatives be claimed as deduction while calculating house property income?

FAQs on Income from house property

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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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Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

Provisions expressly mentioned in the judgment/order text.

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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Interest deduction on loans from friends or relatives allowed only if used for house purchase, construction, repair, renewal, or reconstruction.

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