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.

Anand

Anand (Expert)
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22 November 2017 no it has to be a loan from a bank or financial institutions

Amitav

Amitav (Expert)
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22 November 2017 Loan repayment to individual person is not allowed under 80 C

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 November 2017 Interest payable on such loan is an allowable deduction u/s 24(b).

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Anand

Anand (Expert)
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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.

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