interest on housing loan
This query is : Resolved
22 December 2010
hello sir
Iam an individual.I have taken loan from my friend to construct a house and paid interest by cash.can i claim this interst as a deduction while calculating income from house property.If i repay the principle amount, can i get 80c deduction.If available what proofs should i attach to the return .
Iam an individual.I have taken loan from my friend to construct a house and paid interest by cash.can i claim this interst as a deduction while calculating income from house property.If i repay the principle amount, can i get 80c deduction.If available what proofs should i attach to the return .
22 December 2010
not allowed, only payment to autho ,instituion
22 December 2010
no way
26 December 2010
You may face other problems also.
As you have taken loan from your friend for construction I think this loan will be more than Rs 20000/-.
As you are paying interest in cash I guess that you might have taken this loan in cash.
Loans taken in cash and repaid in cash exceeding Rs 20000/ are not allowed and are subject to penalty.
It's advisable to forget 80C or 24.
As you have taken loan from your friend for construction I think this loan will be more than Rs 20000/-.
As you are paying interest in cash I guess that you might have taken this loan in cash.
Loans taken in cash and repaid in cash exceeding Rs 20000/ are not allowed and are subject to penalty.
It's advisable to forget 80C or 24.
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