Borrowed capital for buying a house
Hi!
I want to know whether the interest paid on capital borrowed from one's parents for the purpose of buying a house eligible for income tax deduction.
Asked on 12/08/04, 4:09 am
1 Answer from Attorneys
Balasubramanya Beeranna
Balasubramanya&Ramesh Associates
Re: Borrowed capital for buying a house
as long as it is legally borrowed by cheque and tax deducted at source the department will allow the interest, provided that they are also income tax payees or you have to prove as to how they funded you legally.
Answered on 12/11/04, 2:45 am
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