Housing loan from father
This query is : Resolved
17 March 2009
My father wants to give a housing loan by cheque with a interest of 10 % .
If pay him quarterly interest and loan instalment can i get deduction from salary u/s 80C as a loan repayment and interest u/s 24 as loan interest payment up to Rs.1,50,000.
He will issue aletter to me and i accept the terms and condition.
what is the other way to get the loan.
If pay him quarterly interest and loan instalment can i get deduction from salary u/s 80C as a loan repayment and interest u/s 24 as loan interest payment up to Rs.1,50,000.
He will issue aletter to me and i accept the terms and condition.
what is the other way to get the loan.
17 March 2009
Yes, but make sure about all declaration.
17 March 2009
In your father's letter, he has to mention source of funds like retirement benefit etc. A simple letter is sufficient
Sec 80C Deduction cannot be claimed
Make sure that you receive payments (towards) loan by cheque only
You can claim interest u/s 24 but he has to include it his (father) return
Sec 80C Deduction cannot be claimed
Make sure that you receive payments (towards) loan by cheque only
You can claim interest u/s 24 but he has to include it his (father) return
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