I am planning to contruct a house. To get deduction of principal re-payment of loan u/s 80C, the loan has to be from a recognised source. However, this condition does not apply for payment of interest u/s 24. So, my question is, can I take home loan from my wife and pay interest to her and claim deduction of interest u/s 24 within the stiputed limit of Rs. 2 lacs?
Thx in advance
YES,YOU CAN CLAIM DEDUCTION UNDER SECTION 24 FOR THE INTEREST PAYMENT ON HOUSE LOAN BUT YOU CANNOT CLAIM DEDUCTION UNDER SECTION 80C FOR THE REPAYMENT OF PRINCIPAL AMOUNT,IF YOU TAKE LOAN FROM UR WIFE.
PARV & Co.
New Delhi
CA Inter
View Details
K R Kiran Kumar & Associates
Bengaluru
CA Inter
View Details
Eshwar & Co Chartered Accountants - Nungambakkam
Chennai
CA Inter
View Details
CCI
Pro
CAclubindia
