Interest on housing loan

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BalaRamachandrarao (Querist)
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21 November 2008 Whether interest paid on loan taken from an individual for purchasing a house can be calimed a deduction.

Taxguy

Taxguy (Expert)
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21 November 2008 Can be but sufficient proof should be there. The lender must declare his income from interest etc.

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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21 November 2008 u taken loan from the individual you have to keep proper supporting for payment of interest. If you have proper supporting you can claim else not.

CA Pawan Goswami

CA Pawan Goswami (Expert)
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21 November 2008 Yes, you can cliam deduction for the interest paid.

Ravikumar.G

Ravikumar.G (Expert)
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21 November 2008 Self occupied - max claim 1,50,000/- & principal portion you can claim deduction under chapter VI A. For let out property any amount of interest not principal portion.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 November 2008 Ravi kumar, you may reconsider your answer in the light of the fact that the loan is being taken from an individual.

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