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Tax benefit

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(Querist)
04 September 2014 One of my friend is paying home loan to Axis Bank and he is paying around 1,30,000 interest yearly. that interest amount is liable to tax benefit. but he want to settled his loan with axis bank and take loan from his friend @ rate of 4% p.a. then interest amount liable to tax benefit?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
04 September 2014 Yes. Interest amount will be liable for Tax benefit but the principal amount repayment will not be eligible for deduction u/s 80C.
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