Housing loan
This query is : Resolved
Moothedath
(Querist)
03 August 2011
Is interest on loan taken from a relative for construction of residential house, an allowable deduction?
CMA Ramesh Krishnan
(Expert)
03 August 2011
yes. interest allowable under section 24(b)
but Principal not allowed under sec.80C
but Principal not allowed under sec.80C
Moothedath
(Querist)
04 August 2011
Sir, in that case, what shall be the interest percentage?and how can we rely on the same?Can we ask for a housing loan certificate as in the usual case?
04 August 2011
you have to obtain certificate/s from the lender specifying the amount of interest payable on such loan. These certificates need to be produced before the assessing office in case your Return of Income is selected for detailed scrutiny, as presently you are not allowed to attach any document with the Return of Income.
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CMA Ramesh Krishnan
(Expert)
04 August 2011
yes. lender need to issued one interest certificate stating that PAN of the lender, loan amount, tenure, interest rate, principal amount repayment and interest amount repayment clearly for the particular year
Moothedath
(Querist)
06 August 2011
ok.thank you sir..But is there any limit in the percentage of interest?
While filing the IT returns can we rely on the interest mentioned in the certificate?
While filing the IT returns can we rely on the interest mentioned in the certificate?
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