interest benefit apart from home loan interest

This query is : Resolved

krunal (Querist)
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27 January 2010 i have taken a loan of rs. 3.5 lakhs from my father through cheque.
now can i get income tax benefit of the interest paid by me?

CA Amit Kumar Hallen

CA Amit Kumar Hallen (Expert)
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27 January 2010 NO, YOU CAN NOT CLAIM THE INCOME TAX BENEFIT ON THE INTEREST PAID TO FATHER. THE ACT ALLOWS INTEREST CLIAM ONLY WHEN THE LOAN IS TAKEN FROM SCHEDULE BANK OR HOUSING LOAN COMPANIES AND INSTITUTION APPROVED FOR THIS PURPOSE

Satpal Singh

Satpal Singh (Expert)
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27 January 2010 AGREE WITH CA AMIT KUAMR HALLEN. IF KRUNAL QUESTION IS RELATED TO THE INCOME FROM HOUSE PROPERTY.

CA. Gurdeep Singh Chawla

CA. Gurdeep Singh Chawla (Expert)
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27 January 2010 You can claim Interest u/s 24 but you cant claim principal amount u/s 80C.

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CA Prashant Gupta

CA Prashant Gupta (Expert)
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27 January 2010 No, you can't claim interest as law requires it should be loan from Scheduled bank or housing loan society etc.

Padmaja CA

Padmaja CA (Expert)
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29 January 2010 confirm again because section does not restirict that
in my openion you are eligible if proper documents to that borrowing is there

you can get exemption for that

CA Anand Sarda

CA Anand Sarda (Expert)
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03 February 2010 Dear Friends,

The requirement is like this,
We can claim deduction U/s.80C for repayment of principal amount only if the loan is taken from Schedule Banks and there is no such requirement for interest U/s.24.

you can claim deduction of interest if u have taken loan from the person other than schedule banks also.

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