i have query. I want to know whether a son can claim deduction u/s 80c if he has taken loan from his parent/ parents for making downpayment for purchase of new house. if he can claim then what certificate should be attached with the return.
I have knowledge that the amount paid under section 80 C should be from the taxable income of the assessee.If it is taken from others,then the 80 C deduction on payment basis is not available. Further in case of purchase of new house,the loan should be taken from Financial Institutions & Other listed co-op banks.If you have more query on this then youcan access it from web site: www.taxmann.com This is followed by Income Tax Dept the deision as per taxmann is final there can be no chances of error. Bye............................
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