Hosing loan from father

This query is : Resolved

SHAH ATUL (Querist)
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17 March 2009 My father wants to give me loan by cheque with a 10 % interest for purchase of flat.

Can i get deduction u/s 80 cfor repayment of loanb and interest u/s 24 interest for housing loan.

They will issue me a letter for purpose of loan which i accept with terms and condition for loan.

ATUL SHAH

M KRISHNAKUMAR

M KRISHNAKUMAR (Expert)
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17 March 2009 for the purpose of sec 24 it is not necessary that loan should be taken from bank/ financial institutions. so you are eligible to claim interest deduction upto Rs150000. but to claim deduction u/s 80C loan should be from approved institutions/ banks. else you can't claim deduction u/s 80C