Hi.... can interest on housing loan exemption be allowed even the housing loan taken from any person? kindly clarify that......
ABHISEK TOSNIWAL (CA in Practice) 02 July 2011
The act is silent about this, so we assume that interest on loan is deductible for loan taken from any person.
Ayushraj (Professional) 02 July 2011
Yes, Interest paid on Housing Loan can be availed under sec 24, even if taken from any person. Preserve receipts of the same.