Personal loan for purchase of house
This query is : Resolved
05 January 2011
I have taken a loan for purchase of house property. Can i get deduction for interest paid u/s 24 and principal paid u/s 80C.
05 January 2011
NO, ONLY HOUSING LOAN WILL BE QUALIFIED FOR DEDUCTION.
05 January 2011
but sir the provision says only interest paid on money borrowed for purchase of house no where is written that the loan should be housing loan. Housing loan is the product of financial institutions which is specifically given under the security of house but personal loan is general in nature it can be use for any purpose so ideally it should be allowed as loan taken to purchase a house and i have paid the cheques to vendor. please help me if you are so sure then i will not get any benefit out of it.
14 January 2011
Act is allowing deduction for Housing interest, so personal loan even taking for construction of House, ho proof will be available that, even Banker will not mentioned any Interest certificate as housing loan, so Mr. Sanat pyne is correct
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?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- 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
