Interest on Housing Loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2011
I want to take a personal loan (not housing loan) from bank.
Will i get the deduction for interest under income from house property.

Also is there any condition to take loan from only bank to avail deduction under income from house property.
Or i can go for loan from relative as well?

what will be the treatment of principle portion for deductions if loan taken from relatives or personal loan from bank.

Please guide.

Nayan Das

Nayan Das (Expert)
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28 April 2011 if you get personal loan so you can not treated it under housing loan interest..

CA Navin Jain

CA Navin Jain (Expert)
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28 April 2011 if u have taken the housing loan from bank then u will be eligible for get deduction to interest and principal amt.

if u have taken the housing loan from relatives then u will be eligible for get deduction to interest not for principal amt.

if u have taken the personal loan either from bank or relatives then u will not be eligible for get deduction to interest and principal amt.

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