Taxation benefits

Venkata Suresh (11 Points)

14 June 2024  

I want to construct a house for rental incomes.If I take a home loan from my friend,can I claim deduction under section 24 for interest payments to him?some people are saying that it is not possible to claim and some people are saying that 'Income tax act 1961' does not specify that this deduction will be available only if the loan is taken from specified banks.

Please let me know the correct information.