Deduction

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Sanju Zaveri (Querist)
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01 February 2012 (1) IS REPAYMENT OF INTEREST OF UNSECURED/SECURED LOAN OF HOUSE AND ITS PRINCIPAL AMOUNT, ELIGIBLE FOR DEDUCTION U/S.80C(PRINCIPAL AMOUNT)AND HOUSE PROPERTY (INTEREST AMOUNT)???

(2) IF PAYMENT IS NOT MADE FOR THE ABOVE (UNPAID) THAN IS IT ELIGIBLE OR NOT??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 February 2012 As per as section 24 of Income tax Interest deduction concern, you have no restrictions,even interest on unsecured loan taken from outside also but it should be for purpose of housing and need to collect the certificate from the borrower with mentioning the PAN number

But as per as Section 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
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

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