Housing loan

Income tax benefit is eligible on that loan which is taken from bank or financial institution

this is relating to only house property

Well Ravi , deduction of INTREST on house loan is available under section 24 and section 24 does prescribe any condition that the loan should be from any bank or financial institution therefore interest payment on house loan taken from individual can be claimed under section 24 PROVIDED interest payment certificate is received from lender. Further principal repayment of house loan is available under section 80C , and which will not be available if loan is not from bank or notified financial institution . Therefore if house loan is taken from individual deduction of only interest payment will be available and not of principal repayment.

As per Tax planning ,it should be from bank or fi

You Can Avail Deduction of Interest Repayment,

Setion 24(b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital

You Can not Avail Dedection U/s 80C for Principle Repayment,

Section 80C(xviii) for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head "Income from house property" (or which would, if it had not been used for the assessee's own residence, have been chargeable to tax under that head), where such payments are made towards or by way of—

  (a) any instalment or part payment of the amount due under any self-financing or other scheme of any development authority, housing board or other authority engaged in the construction and sale of house property on ownership basis; or

  (b) any instalment or part payment of the amount due to any company or co-operative society of which the assessee is a shareholder or member towards the cost of the house property allotted to him; or

  (c) repayment of the amount borrowed by the assessee from—

 (1) the Central Government or any State Government, or

 (2) any bank, including a co-operative bank, or

 (3) the Life Insurance Corporation, or

 (4) the National Housing Bank, or

 (5) any public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes which is eligible for deduction under clause (viii) of sub-section (1) of section 36, or

 (6) any company in which the public are substantially interested or any co-operative society, where such company or co-operative society is engaged in the business of financing the construction of houses, or

 (7) the assessee's employer where such employer is an authority or a board or a corporation or any other body established or constituted under a Central or State Act, or

 (8) the assessee's employer where such employer is a public company or a public sector company or a university established by law or a college affiliated to such university or a local authority or a co-operative society; or

  (d) stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee,