Dedcuction of Housing Loan Interest

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pravin anantwar (Querist)
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10 March 2010 Can interest paid on hand loans taken from friends and relatives be claimed as deduction while calculating house property income? please suggest case law.

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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10 March 2010 Yes, as there is no restriction for getting deduction on payment of interest,that it should be made to bank /financial institutions. Although the receipt of loan and payment of interest should be made in a manner that can be proved or established. e.g. obtaining certificate/declaration and receipt and payment through cheque.

I don't know any case law about this.

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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10 March 2010 yes

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