Hi all
Is there any rule or circular that home loan to qualify u/s 80C, should be taken from specifed Instituions/banks/financial institutions.Can anyone update on this.
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80 C - Home loan clarification
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Home Loan Principal Repayment: The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the interest component can save you significant income tax – but that would be under Section 24 of the Income Tax Act. Please read “Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage”, which presents a full analysis of how you can save income tax through a home loan.
These are the words specified in the act regarding the repayment of home loan U/S 80C.
there is no specification regarding where u get the loan from.
Thanks
R Shriram
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