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Dedcuction of Housing Loan Interest

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(Querist)
10 March 2010 Can interest paid on hand loans taken from friends and relatives be claimed as deduction while calculating house property income?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
10 March 2010 Section 24 does not say that loan has to be availed from financial institution/bank only for getting deduction. Consequently, interest payable on hand loans is an allowable deduction under section 24 provided the other conditions mentioned therein are satisfied.
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