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?
Yes ,Agreed ,Interest payment u/s 24(b) can be claimed .As far as principal payment is concerned ,wouldn't qualify for tax benefit as loans only from notified institutuions and banks are eligible for deduction.
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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