deduction under 80c for home loan
This query is : Resolved
09 April 2013
I know we get deduction of the principal amount of the home loan u/s 80C.
My doubt is that if I take a loan from a relative as home loan or I take a loan against my FD from a bank for home, will I get deduction under 80C?
My doubt is that if I take a loan from a relative as home loan or I take a loan against my FD from a bank for home, will I get deduction under 80C?
09 April 2013
No, Only principal payment made to following is eligible for deduction u/s.80C
repayment of the amount borrowed by the assessee from—
(1) the Central Government or any State Government, or
(2) any bank, including a co-operative bank, or
(3) the Life Insurance Corporation, or
(4) the National Housing Bank, or
(5)any public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes which is eligible for deduction under clause (viii) of sub-section (1) of section 36, or
(6) any company in which the public are substantially interested or any co-operative society, where such company or co-operative society is engaged in the business of financing the construction of houses, or
(7) the assessee's employer where such employer is an authority or a board or a corporation or any other body established or constituted under a Central or State Act, or
(8) the assessee's employer where such employer is a public company or a public sector company or a university established by law or a college affiliated to such university or a local authority or a co-operative society;
repayment of the amount borrowed by the assessee from—
(1) the Central Government or any State Government, or
(2) any bank, including a co-operative bank, or
(3) the Life Insurance Corporation, or
(4) the National Housing Bank, or
(5)any public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes which is eligible for deduction under clause (viii) of sub-section (1) of section 36, or
(6) any company in which the public are substantially interested or any co-operative society, where such company or co-operative society is engaged in the business of financing the construction of houses, or
(7) the assessee's employer where such employer is an authority or a board or a corporation or any other body established or constituted under a Central or State Act, or
(8) the assessee's employer where such employer is a public company or a public sector company or a university established by law or a college affiliated to such university or a local authority or a co-operative society;
10 April 2013
Thanks a lot for clarifying my doubt.
It would be great if you could tell me from where I can refer these kind of tax related doubts for future reference as in which website?
It would be great if you could tell me from where I can refer these kind of tax related doubts for future reference as in which website?
10 April 2013
Income tax related doubts, need to check the Income tax act, available online
www.incometaxindia.gov.in
www.incometaxindia.gov.in
11 April 2013
Thanks. I also wanted to ask that does this list applies to deduction available under House Property for interest on loan or there is another exclusive list?
11 April 2013
Housing loan interest deduction comes under section 24b, that is different from principal under section 80C.
11 April 2013
My doubt is that if I take a loan for purchasing a house from a friend/relative or against FD from a bank, can I claim deduction u/s 24b of the interest amount on such loan?
11 April 2013
Under section 24b interest deduction can be avail even loan taken from friends/relative or any person, but loan giver (lender) has to provide the certificate that they have give loan for the purpose of purchase or construction of house only
30 May 2013
There is specified Institutions and only loan taken from them for the purpose of construction or purchase of house is eligible for the deduction. Loan from private parties will not entitle you to take the deduction. The expert has correctly given the details of the agencies from whom you can avail the loan to take the exemption
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