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

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What is Income-tax?

Category: General FAQs

It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.

What is the administrative framework of Income-tax?

Category: General FAQs

The revenue functions of the Government of India are managed by the Ministry of Finance. The Finance Ministry has entrusted the task of administration of direct taxes like Income-tax, Wealth tax, etc., to the Central Board of Direct Taxes (CBDT). The CBDT is a part of Department of Revenue in the Ministry of Finance.

CBDT provides essential inputs for policy framing and planning of direct taxes and also administers the direct tax laws through the Income-tax Department. Thus, Income-tax Law is administrated by the Income-tax Department under the control and supervision of the CBDT.

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

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

Leave a Reply Cancel reply

What is Income-tax?

What is the administrative framework of Income-tax?

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Digital payment mandatory for Property tax payment

GST in India: An overview

The Pink Tax in India: Unveiling the Gender Pricing Bias