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Housing Loan from Parents

Tax planning 1464 views 2 replies

Rajeev Sharma

Service

29 Points Posted on 13 December 2008

Can a persono take Housing Loan from Parents. If yes, then what are the formalities to take that loan. (i heared this on CNBC) pls, clear..Rajeev Sharma

Replies (2)

b.s.gokul

final student

545 Points Posted on 13 December 2008

i don't think it is possible. any how will clarify and tell u.

PiyushAgrawal

Chartered acooutant in practice

575 Points Posted on 14 December 2008

Originally posted by :Rajeev Sharma
"	Can a persono take Housing Loan from Parents. If yes, then what are the formalities to take that loan. (i heared this on CNBC) pls, clear..Rajeev Sharma	"

Hello,

Private Loan is also Qulaify for deduction in respect of sec 24(b).

So i think Loan from parents is also qulaify.

i think if u take loan by a/c payee cheque to ur A/c and infront of income tax dep. u clerify usases than u can easily get deduction,but u must owner of this property.