Interest on housing loan

This query is : Resolved

BalaRamachandrarao (Querist)
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21 November 2008 Whether interest paid on loan taken from an individual for purchasing a house can be calimed a deduction.

Taxguy

Taxguy (Expert)
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21 November 2008 Can be but sufficient proof should be there. The lender must declare his income from interest etc.

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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21 November 2008 u taken loan from the individual you have to keep proper supporting for payment of interest. If you have proper supporting you can claim else not.

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CA Pawan Goswami

CA Pawan Goswami (Expert)
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21 November 2008 Yes, you can cliam deduction for the interest paid.

Ravikumar.G

Ravikumar.G (Expert)
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21 November 2008 Self occupied - max claim 1,50,000/- & principal portion you can claim deduction under chapter VI A. For let out property any amount of interest not principal portion.