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Loan taken interest free from parents and relatives

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(Querist)
21 November 2011 An assessee has taken Loan from Relatives and Parents to buy a house. What are the kinds of deduction benefitsbe taken under the Income tax 1961?
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
21 November 2011 Why Deduction Required.
No Interest paid.
No Any Income.
No Expenses.
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Kapil Gupta

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Kapil Gupta (Expert)
22 November 2011 Deduction is allowed only if the payment are made to public financial institutions.
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CA CS CMA Sanjay Kumar Sareen

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CA CS CMA Sanjay Kumar Sareen (Expert)
22 November 2011 WHERE HOUSE PROPERTY IS BOUGHT AGAINST THE LOAN.SECTION 24(B)DEDUCTION IE., INTEREST ON CAPITAL BORROWED IS AVAILABLE.

IN THE PRESENT CASE IT IS INTEREST FREE LOAN HENCE NOT ENTITLED FOR ANY DEDUCTION UNDER SECTION 24(B).
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CA. DINESH KUMAR

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CA. DINESH KUMAR (Expert)
23 November 2011 Deduction u/s 24 is available for interest payable on loan. Loan may be from financial institution or any other.
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