Home loan interest payment to individual

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2018 IT IS ALLOW HOME LOAN INTEREST DEDUCTION PAID TO INDIVIDUAL BECAUSE OF LOAN TAKEN FROM INDIVIDUAL FOR PURCHASE OF PROPERTY

Expert : Anonymous

Expert : Anonymous (Expert)

25 May 2018 If Purchase of land loan then no more tax n benefits under income Tax... If You are build a home then Yes You can claim...

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 May 2018 Yes. Interest( Only interest) paid on loan taken from individual for the purpose house construction allowed as deduction provided the following conditions satisfied
1. Loan agreement between you and individual clearly stating loan taken for housing purpose
2. Interest rate and interest amount
3. Lender need to give the interest certificate alongwith his PAN number as housing loan interest received from you

Incase you are satisfying above conditions and documents then you can claim interest portion u/s.24 but Principal not eligible to claim under sec.80C