Housing loan from father
This query is : Resolved
17 March 2009
My father wants to give me a housing loan by cheque with a interest @ 10 % P.A.
Can I get the deuction under salary head by section 80 C and section 24 of IT act.
Can I get the deuction under salary head by section 80 C and section 24 of IT act.
K V Subba Rao
(Expert)
17 March 2009
(1) Repayment of Principal cannot be claimed as Deduction u/s 80C since condition of obtaining loan from notified institutions is not fulfilled
(2) Interest on Loan can be claimed as expenditure (Note: If father has taxable income, after including Interest, he has to file return)
(2) Interest on Loan can be claimed as expenditure (Note: If father has taxable income, after including Interest, he has to file return)
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