18 November 2013
Sir, whether interest is allowable in case Housing Loan is taken from other than Financial Institution. say frm Relatives. and wat if it is taken before 01.04.99..
18 November 2013
(Humour : If loan has been taken prior to 01.04.1999 and still not repaid, it means, either the money is of your own, or you have already treated the borrowed money as your own.) . Interest is allowable. You have to get a certificate from the relative by narrating the fact that he has extended the loan for purchase of property and by specifying the amount of interest payable for the period. . Loan taken prior to 1.4.1999: Max. Deduction towards Interest: Rs. 30000 .
CAclubindia
