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Int allowed u/s 24b
I have taken a secured loan of rs 20 lakh from bank for purchasing house against my fixed deposit @ 9%. can I take benefit of rs 20000u/s 24(b) and rs 150000 u/s 80c. as in bank records this is secured loan , not housing loan.
Replies (7)
you are not eligible to claim sec. 24b & sec 80c, as bank certificate is miss
Thanks
But is there no other way to handle this situation as I will suffered a huge loss if this deduction will not allowed.
I have a proof of payment to seller.
You can claim deduction irrespective of the nature of loan( personal, mortgage, secured, unsecured).
The loan should be used for purpose of purchase, construction or renewal of house.
Therefore you can claim such deduction.
For more information you can visit - https://taxadda.com/income-tax/house-property/deduction-of-interest-sec-24b/
or
There is no deduction or exemption for Interest on Secured Loan.
Mr prateek what about certificate as mentioned in sec 24b.
As far as I read it clearly says that no deduction is allowed on interest if certificate from bank not furnished or anybody from whom the assessee borrowed the capital.
Yes, you need a certificate but its not necessarily needs to be a housing loan. As you said you take loan from bank, you can easily get a certificate.
But this is also mentioned in this section that certificate should also Mention that interest is payable is for purpose of acquisition, construction of the house.
Will bank provide this kind of certificate with this lines.
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