Interest on housing loan
This query is : Resolved
BalaRamachandrarao
(Querist)
21 November 2008
Whether interest paid on loan taken from an individual for purchasing a house can be calimed a deduction.
21 November 2008
Can be but sufficient proof should be there. The lender must declare his income from interest etc.
CA.ViVeK M ACA
(Expert)
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
(Expert)
21 November 2008
Yes, you can cliam deduction for the interest paid.
Ravikumar.G
(Expert)
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.
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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