Home loan interest paid to Individual only and not any Bank
This query is : Resolved
15 February 2023
Sir
A person is claiming Home Loan Interest paid to an Individual for IT purpose.
But he has not taken any Home Loan from any Banks.
Whether this interest paid to individual can be considered for Income Tax working.
Thanks.
A person is claiming Home Loan Interest paid to an Individual for IT purpose.
But he has not taken any Home Loan from any Banks.
Whether this interest paid to individual can be considered for Income Tax working.
Thanks.
15 February 2023
Yes, home loan from individual is eligible for income tax deductions.
15 February 2023
Sir
Thanks.
But he has not taken any loan from banks. Then also is it exempted.
Thanks.
But he has not taken any loan from banks. Then also is it exempted.
15 February 2023
Interest repayment for a home loan that is taken from friends or relatives can be claimed as a deduction under section 24. The deduction can only be claimed when the construction of the house is complete, or the possession is received by the individual. The income tax act does not specify clearly that deduction will be available only for loans from specified banks.
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