Last fiscal year, I purchased a house in my hometown. However, I couldn't get home loan approval from the bank I was dealing with at the last minute. Consequently, I borrowed ₹40 lakhs from my relative and a friend, and I have been repaying them both the principal and the interest in installments every month.
Under Section 24, can I claim the interest paid on this loan? If so, what kind of documentation do I need to maintain? Should I have receipts or confirmation on stamp paper?
CAclubindia
