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?
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House loan from party other than bank
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| Originally posted by : raj shome | ||
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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? |
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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.
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