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Pre closure of home loan

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(Querist)
16 February 2016 1) I want to pre close my existing home loan of Rs.20 lacs, if I do so will any tax liability occur? 2) If I take loan from my father and pay interest to him can i get exemption ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 February 2016 1 For pre closure of loan no tax liability will arise.
2 If you take loan from your father only interest will be allowed.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
16 February 2016 agree but you have to take loan by a/c payee cheque only if your loan amount is healthy.
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