Mr. X takes house loan from Mr. Y(Mr. Y is neither a bank nor any other financial institution). Now X makes refunds of the loan in unequal installments to Y during the year.Now, X wants to get tax exemption from income from house property for the interest and the principal amount paid by him to Y.so, is he entitiled to get the exemption or not?
Menu
House loan from party other than bank
Replies (1)
| Originally posted by : raj shome | ||
 |
Mr. X takes house loan from Mr. Y(Mr. Y is neither a bank nor any other financial institution). Now X makes refunds of the loan in unequal installments to Y during the year.Now, X wants to get tax exemption from income from house property for the interest and the principal amount paid by him to Y.so, is he entitiled to get the exemption or not? |
 |
In this case, interest u/s 24(b) can be claimed for deduction but repayment of loan cannot be claimed for deduction u/s 80C since it specifies that loan should be borrowed from Government, Bank, LIC, NHB, specified assessee’s employer etc.
Recent Topics :
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
