Interest deduction in hp
This query is : Resolved
jugal solanki
(Querist)
19 April 2012
Is deduction of interest allowed from Net annual value of HP, if loan is taken from relative?
CA PARAS BAFNA
(Expert)
19 April 2012
Yes. You have to obtain a certificate of interest showing that you have taken a loan from him for purchasing a house and certifying the interest amount paid till 31st March.
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CA Kishore Tallam
(Expert)
20 April 2012
Yes. Interest is deducted while calculating income from HP. As explained by sir, u need to get interest paid certificate.
U can claim total interest if it is LO or upto Rs. 150,000 if self occupied.
U can claim total interest if it is LO or upto Rs. 150,000 if self occupied.
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