house property

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ATIT D SHAH (Querist)
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14 October 2008 whether interest on loan other than bank i.e. any other person, is allowed as deduction under section 24(b) ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 October 2008 Will not be allowed for self occupied property.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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15 October 2008 No, interest on housing loan is allowable only.

ATIT D SHAH

ATIT D SHAH (Querist)
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15 October 2008 interest on housing loan is only allowable, but is it necessary to take such loan from banks or financial instituition only ? loan for a person, is it valid ?

Bharath Kumar

Bharath Kumar (Expert)
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17 October 2008 No, It is not necessary that the loan should be taken only from housing finance companies. One may take loan from any company or person, even from family members.
The assessee has to furnish a certificate, from the person to whom any interest is payable on the capital borrowed, specifying the amount of interest payable by the assessee for the purpose of such acquisition or construction of the property, or, conversion of the whole or any part of the capital borrowed which remains to be repaid as a new loan.

However deduction under 80C for principal repayment is not allowed

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