Home loan from parent
This query is : Resolved
05 January 2017
I would like to know about home loan taken from parent
I took a home loan from parent @ 12 lacs @ 12% per anum .
My parent don’t have other source of income.
So I am paying monthly interest @12000/- per month
However I have another bank home loan also.
Query :- 1. So which interest part is exempted for income tax
i.e interest part from bank home loan + interest part from parent home loan
2. since my parent have no other income source , only 144000/- they are earning from interest . hope they need not to pay the income tax.
Pl advise both queries
I took a home loan from parent @ 12 lacs @ 12% per anum .
My parent don’t have other source of income.
So I am paying monthly interest @12000/- per month
However I have another bank home loan also.
Query :- 1. So which interest part is exempted for income tax
i.e interest part from bank home loan + interest part from parent home loan
2. since my parent have no other income source , only 144000/- they are earning from interest . hope they need not to pay the income tax.
Pl advise both queries
05 January 2017
1. Only bank interest is allowable.
2. Your father's income is below exemption limit, need not to file even ITR so don't think of paying income tax.
2. Your father's income is below exemption limit, need not to file even ITR so don't think of paying income tax.
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05 January 2017
Interest paid to parent is also allowed.
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05 January 2017
but if I took a loan from parent too and interest is being paid to them , Interest payment to relatives can be claimed u/s 24 as I found in website
will I also in my case
will I also in my case
05 January 2017
Yes very well in your case also.
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05 January 2017
So , parent need not to pay income tax from eared loan interest from me . if their income is less than std. slab i.e 2.5lac
05 January 2017
As per Section 24 There is no requirement that the loan should be borrowed from financial institutions as contained in Sec 80C. So there is no problem in your case from claiming interest paid to your parents.
05 January 2017
Parent need not pay income tax as it is within taxable limit.
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09 January 2017
Only and Only interest is being to parent even then also ok for income tax under section 24
09 January 2017
only and only interest is being paid to parent even than also ok for income tax under section 24
09 January 2017
Yes even then also ok u/s 24.
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