I am borrowing loan for construction from my uncle at interest.
can I claim interest on housing loan in computation of income?
Experts please advise
Menu
Housing loan in income tax
Replies (1)
Interest repayment for a home loan that is taken from friends or relatives can be claimed as a deduction under section 24. The deduction can only be claimed when the construction of the house is complete or the possession is received by the individual.The income tax act does not specify clearly that deduction will be available only for loans from specified banks.
On the other hand repayment of the principal on a home loan borrowed from friends or relatives can’t be claimed as a deduction under this section.
On the other hand repayment of the principal on a home loan borrowed from friends or relatives can’t be claimed as a deduction under this section.
Recent Topics :
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
- Query regarding exemption under Section 10(10AA) &
- NPO registered under sec 8 itr filing
- Form 144 (Earlier 27Q) – Reason Code (A/C/G/
- Nps taxation
- Representative assessee
Related Topics :
CAclubindia
