Home Loan from Father
This query is : Resolved
Manoj Kotwani
(Querist)
31 October 2008
I took a home loan from a leading private bank under the floating rate scheme(I have rented this property). My father is interested in prepaying a portion of the loan on my behalf. Can I take a loan from my father to prepay a portion of my existing home loan from the bank and enjoy the tax benefit, can I repay the loan taken from my father in an EMI basis just like the normal loan from bank? Also what is the documentation(with my father) I would require to claim the tax exemption.
01 November 2008
Q) Can I take a loan from my father to prepay a portion of my existing home loan from the bank and enjoy the tax benefit?
A) Yes. U can enjoy the tax benefit of repayment of loan and payment of interest to the bank irrespective of ur source of funds.
Q) Can I repay the loan taken from my father in an EMI basis just like the normal loan from bank?
A) U can repay in whatever way u want. But u cannot claim any tax benefit from this transaction.
A) Yes. U can enjoy the tax benefit of repayment of loan and payment of interest to the bank irrespective of ur source of funds.
Q) Can I repay the loan taken from my father in an EMI basis just like the normal loan from bank?
A) U can repay in whatever way u want. But u cannot claim any tax benefit from this transaction.
Manoj Kotwani
(Querist)
03 November 2008
Sorry to seek this clarification.
Can I repay my father through EMI and get tax benefit. i.e. instead of loan from bank i have loan from my father.
Mnaoj
Can I repay my father through EMI and get tax benefit. i.e. instead of loan from bank i have loan from my father.
Mnaoj
Bharath Kumar
(Expert)
04 November 2008
You can claim interest on the loan taken from your father as a deduction. However principal repayment does not qualify for exemption under Sec 80C.
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