Hitesh (Executive) (53 Points)
08 September 2010I have one Query w.r.t Housing Loan Deduction. My query is as follows.
I am planning to buy home and for which my father is ready to give loan to me. I will repay to him on an EMI. (Principal + Interest) Can you please tell me how can I claim deduction for this. To claim deduction of Interest and Principal what documents I need to submit to IT Dept.
Hope to get feedback on this
Kamal Jain
(FCA)
(200 Points)
Replied 09 September 2010
You cant claim the deduction u/s 80C for repayment of PRINCIPAL.
However you can deduction u/s 24 for payment of interest.
You need not submit anything to IT Deptt.Just keep record of payment of interest to your father, which of cousre he has to show as taxabale income in his hand.
CAclubindia
