26 December 2012
Whether loan taken from individual is eligible for deduction u/s 80C. Also state the list of persons from whom loan taken for housing loan are eligible for such deduction and interest u/s 24(b).
26 December 2012
No, loan taken from individual is not eligible for deduction u/s 80C; To get deduction u/s 80C, loan should be taken from Specified institutions/deptt only given below: 1. Central or State Government 2. Any Bank including co-operative bank 3. LIC or National Housing Bank 4. public company formed and registered in India or co-operative society with main object to provide long term finance for construction purchase of houses in India. 5. Assessee Employer if public company or public sector company or university established by law or a college affiliated to such university or local authority or co-operative society.
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