I wanted to know can i take home loan from my blood relatives ex. Father?
and will i be eligible to get deduction of interest paid on such home loan? If yes under which section?
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deduction for interest shall be available under section 24(b). however, no deduction for principal repayment shall be available in this case.
Yes, Interest deduction under 24(b) can be availed. Keep a certificate of interest and repayment amount. Do all transactions through bank and file parents ITR withh all details.
Agreed with both, only inetrest payment can be claimed u/s 24(b)
dear ritesh,
is there any format pescribed for the CERTIFICATE of interest and repayment of loan?
or i can just keep a proof on stamp paper?
Make it sure that your father disclosed interest income in his return and you make payment through bank transaction to be on safer side.
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