housing loan to a close relative
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 August 2010
if i give a housing loan to my relative what sort of documentation should be created to ensure that he gets income tax rebate for interest and at the same time interest payment to me is protected.
will he be able to claim rebate on principal repayment under income tax act?
will he be able to claim rebate on principal repayment under income tax act?
31 August 2010
Interest payment to friends and relatives can be claimed u/s 24 but only against a certificate received from them. In the absence of the certificate, the person making payment will not be eligible for the deduction. The recipient of interest income who issues the certificate is liable to pay tax on the interest income that he receives. As far as the principal payments are concerned, they would not qualify for tax benefit as loans only from notified institutions and banks are eligible for such deductions.
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