Hosing loan from father
This query is : Resolved
17 March 2009
My father wants to give me loan by cheque with a 10 % interest for purchase of flat.
Can i get deduction u/s 80 cfor repayment of loanb and interest u/s 24 interest for housing loan.
They will issue me a letter for purpose of loan which i accept with terms and condition for loan.
ATUL SHAH
Can i get deduction u/s 80 cfor repayment of loanb and interest u/s 24 interest for housing loan.
They will issue me a letter for purpose of loan which i accept with terms and condition for loan.
ATUL SHAH
17 March 2009
for the purpose of sec 24 it is not necessary that loan should be taken from bank/ financial institutions. so you are eligible to claim interest deduction upto Rs150000. but to claim deduction u/s 80C loan should be from approved institutions/ banks. else you can't claim deduction u/s 80C
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