Home loan interest payment to individual
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 May 2018
IT IS ALLOW HOME LOAN INTEREST DEDUCTION PAID TO INDIVIDUAL BECAUSE OF LOAN TAKEN FROM INDIVIDUAL FOR PURCHASE OF PROPERTY
Expert : Anonymous
Expert :
Anonymous
(Expert)
25 May 2018
If Purchase of land loan then no more tax n
benefits under income Tax...
If You are build a home then Yes You can claim...
25 May 2018
Yes. Interest( Only interest) paid on loan taken from individual for the purpose house construction allowed as deduction provided the following conditions satisfied
1. Loan agreement between you and individual clearly stating loan taken for housing purpose
2. Interest rate and interest amount
3. Lender need to give the interest certificate alongwith his PAN number as housing loan interest received from you
Incase you are satisfying above conditions and documents then you can claim interest portion u/s.24 but Principal not eligible to claim under sec.80C
1. Loan agreement between you and individual clearly stating loan taken for housing purpose
2. Interest rate and interest amount
3. Lender need to give the interest certificate alongwith his PAN number as housing loan interest received from you
Incase you are satisfying above conditions and documents then you can claim interest portion u/s.24 but Principal not eligible to claim under sec.80C
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Inventory of finished goods
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
