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Interest on housing loan

This query is : Resolved 
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(Querist)
22 December 2011 hai friends,

Interest on housing loan borrowed from relatives is allowed as a expenditure u/s.24
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
22 December 2011 Interest payment to relatives can be claimed u/s 24 but only against a certificate received from them. In the absence of the certificate, you would 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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anurag

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anurag (Expert)
22 December 2011 Agree with the expert.
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Guest

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Guest (Expert)
22 December 2011 Interest can be claimed under section 24 (b)
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