income tax rebate on personal loan for house purchasing
This query is : Resolved
18 February 2011
As there is tax rebate for home loan under sec 80C and 24 for interest, if any body wants to purchase some house on which banks are not giving home loan then can he get the tax benefit on principal & interest on personal loan if bank certify in the certificate that the loan is for house purchasing
18 February 2011
Good Question...
Under 24 it has been given that amount should be used for construction/repair/purchase of house property and it does not stated about source of loan, therefore here you can claim interest as deduction if certificate received from Banker.
However, u/s 80C Homeloan clearly mentioned there, so you cannot claim Principal amount here.
Let the others also show their opinion on this.
Regards!!!
Under 24 it has been given that amount should be used for construction/repair/purchase of house property and it does not stated about source of loan, therefore here you can claim interest as deduction if certificate received from Banker.
However, u/s 80C Homeloan clearly mentioned there, so you cannot claim Principal amount here.
Let the others also show their opinion on this.
Regards!!!
18 February 2011
I totally agree with Dineshji
Interst paid may be claimed as deduction u/s 24(b) but payment of principal can not be claimed u/s 80C
Interst paid may be claimed as deduction u/s 24(b) but payment of principal can not be claimed u/s 80C
Guest
Guest
(Expert)
18 February 2011
Agree with both experts.
12 June 2011
Intelligent Question I also Agree with both experts.
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