Hi, I would like to know If I buy home by taking loan from my relative will I get rebate for Interest on that amount ?
1 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 12 April 2013
| Originally posted by : Sunil | ||
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Hi, I would like to know If I buy home by taking loan from my relative will I get rebate for Interest on that amount ? |
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In this case, interest u/s 24(b) can be claimed for deduction but repayment of loan cannot be claimed for deduction u/s 80C since it specifies that loan should be borrowed from Government, Bank, LIC, NHB, specified assessee’s employer etc.
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