Tax exemption on loan form any individuals person
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 November 2017
All the respected member,
If i take a lone from an Individual Person for my House Construction and i pay monthly Installment on this amount to Individual Person .Can i get 80C Deduction on Repement of Principal and Interest Deduction under the head of Income from House Proparty .
Please Give me your Valuable consultancy.
If i take a lone from an Individual Person for my House Construction and i pay monthly Installment on this amount to Individual Person .Can i get 80C Deduction on Repement of Principal and Interest Deduction under the head of Income from House Proparty .
Please Give me your Valuable consultancy.
22 November 2017
no it has to be a loan from a bank or financial institutions
22 November 2017
Loan repayment to individual person is not allowed under 80 C
22 November 2017
Interest payable on such loan is an allowable deduction u/s 24(b).
Message likes :
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23 November 2017
I stand corrected. As Mr Warrier says you are eligible for deduction for interest on loan taken from an individual.
However,for principal repayment u/s 80C you will not get as a deduction.
However,for principal repayment u/s 80C you will not get as a deduction.
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 November 2017
Its means i get only rebate for Interest amount under the head of Income from House Proparty and not geting 80C deduction for Repayment of Loan Princepial amount .
Thank you for your valuable sugition
Thank you for your valuable sugition
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