Section 24(b) Interest deduction eligible on Property received as per family settlement deed

Sanjeev Jain Vs DCIT (ITAT Dehradun)

There is no dispute that there was a house property, which was noted by the borrowed capital of the family of the assessee. It is also not disputed that assessee was one of the applicant of the loan. Only dispute is with respect to the family settlement dated eighth day of April 2014 wherein the parents of the assessee who are the original owners of the property divided the property by executive an agreement between the parents and four other persons.

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