Urgent!! Home Loan Borrowed from Father

agree with above

Originally posted by : pahuja
	as per sec 24(1) of incometax act 1961, for claiming exemption of interest on borrowed capital, loan should be taken through approaved bank only not through relatives. In ur case, u r not able to claim exemption u/s 24(1) Thanks and regards suraj pahuja

i think approved bank criteria is for 80C not for 24(1), in 24(1)words "ANY interest" is used. Can you give more clarification or case law or words from Act that I may have missed.

Thanks in Advance

Originally posted by : Roopali Kadam
	Originally posted by : pahuja as per sec 24(1) of incometax act 1961, for claiming exemption of interest on borrowed capital, loan should be taken through approaved bank only not through relatives. In ur case, u r not able to claim exemption u/s 24(1) Thanks and regards suraj pahuja i think approved bank criteria is for 80C not for 24(1), in 24(1)words "ANY interest" is used. Can you give more clarification or case law or words from Act that I may have missed. Thanks in Advance

agreed.

In practical situation no one wants to take risk. Your accounts manager might be knowing this fact but afraid to apply. 

kaushal

https://taxbykk.blogspot.com/

Thanks for your replies..  Ahujaji , i agree with you. Practically it is always feasible to loan from established financial institution. However, with the interest moving skywards, every individual is trying to find ways to reduce the burden.This was one of the most feasible solutions for me and wanted clarity on this.
I had done some net research to know whether this is pracically possible. Mr Harsh Roongta , one of the leading financial advisor had suggested that this option also exists. He had also mentioned that Sec 24 can be availed for loan from any source but not sec 80C . Sec 80C explicitly mentions the word financial institution..

However my issue still remains unsolved. Can someone pls dig into some similar IT case to help me build my case internally in the company..

/experts/u-s-24-b-intt-on-borrowed-capital-142321.asp

https://www.moneycontrol.com/mc_new/tax/viewreplies.php?expname=Mitil%20Chokshi

https://www.capitalmarket.com/cmedit/story11-37.asp?sno=337356

https://www.incometaxindia.gov.in/questionbank.htm#G90

this is gov site. ref 91st question.

I tried to search thru net, no where case law was mentioned. but u can show the links above and this question answered on gov site.