Loan from credit society
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 October 2014
SIR
WE ARE THE TEACHERS IN AIDED SCHOOL AND HAVING OUR OWN CREDIT SOCIETY , FROM WHICH WE TOOK LOAN OF RS. 10 00 000/- FOR HOUSING PURPOSE . THEY GIVE US THE CERTIFICATE STATING 'LOAN FOR HOUSING PURPOSE ' IS IT INTEREST ON THIS LOAN IS EXEMPTED FROM INCOME TAX ?
WE ARE THE TEACHERS IN AIDED SCHOOL AND HAVING OUR OWN CREDIT SOCIETY , FROM WHICH WE TOOK LOAN OF RS. 10 00 000/- FOR HOUSING PURPOSE . THEY GIVE US THE CERTIFICATE STATING 'LOAN FOR HOUSING PURPOSE ' IS IT INTEREST ON THIS LOAN IS EXEMPTED FROM INCOME TAX ?
Nikhil Kaushik
(Expert)
28 October 2014
you can claim deduction for the interest paid under section 24 of the Income-tax act...
16 December 2014
when u pay the principle amount u can get 80C deduction..............
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