Interest deduction in hp

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jugal solanki

jugal solanki (Querist)
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19 April 2012 Is deduction of interest allowed from Net annual value of HP, if loan is taken from relative?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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

CA Kishore Tallam (Expert)
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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.

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