01 November 2011
I have taken home loan from my relative with an agreement on stamp paper and i am paying simple interest on same loan monthly @ 9% per annum could I claim interest u/s 24 up to max. 1,50,000/- Please tell me (loan Amount Rs. 5,25,000/-)
Every year take a certificate from him, narrating the fact that " Mr Sohan has taken a loan for purchasing a house and have received/debited to him interest from 1.4.20xx to 31.03.(20xx+1) of Rs. 4xxxx/-. "