16 February 2014
sir my father is eaarning income from salary head. now he wants to take home loan from a friend rs 10,00,000@15% p.a. So can he take deductions and if yes how much deductions he can avail??? and wt are the formalities he have to do to show that he has actually taken the loan and paying interest??
(like deed etc)
Yes he can avail loan & claim deduction u/s 24(b) also. If property is owned max deduction is Rs. 1.5o lacs in case of let out of property he can claim any amount of interest paid.
You can obtain a simple letter from lender that how much interest is paid for FY for loan taken for Pur/construction of home.
CAclubindia
