Interest on loan from house property
This query is : Resolved
08 April 2015
Sir, if I had taken loan on construction of house property other than from bank. Can I claim deduction on interest on loan taken for house property
08 April 2015
Yes. You can claim deduction on interest you paid. In case of NBFC, AO will accept the same.
However, in case of lender is individual, the AO may be dis-allow the same. Therefore-
1. Take a loan by account payee cheque only.
2. Obtain a pan copy of the lender.
3. Verify, whether the lender has shown such amount in his income tax return? If not, ask him to show.
4. Keep the photocopy of the cheque along with the bank statement of credit details.
5. Pay the interest in account payee cheques only.
However, in case of lender is individual, the AO may be dis-allow the same. Therefore-
1. Take a loan by account payee cheque only.
2. Obtain a pan copy of the lender.
3. Verify, whether the lender has shown such amount in his income tax return? If not, ask him to show.
4. Keep the photocopy of the cheque along with the bank statement of credit details.
5. Pay the interest in account payee cheques only.
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