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Housing Loan from Parents

Rajeev Sharma (Service) (29 Points)

13 December 2008

Can a persono take Housing Loan from Parents. If yes, then what are the formalities to take that loan. (i heared this on CNBC) pls, clear..Rajeev Sharma

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2 Replies

b.s.gokul (final student) (545 Points)
Replied 13 December 2008

i don't think it is possible. any how will clarify and tell u.

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PiyushAgrawal (Chartered acooutant in practice) (575 Points)
Replied 14 December 2008

Originally posted by :Rajeev Sharma
"	Can a persono take Housing Loan from Parents. If yes, then what are the formalities to take that loan. (i heared this on CNBC) pls, clear..Rajeev Sharma	"

Hello,

Private Loan is also Qulaify for deduction in respect of sec 24(b).

So i think Loan from parents is also qulaify.

i think if u take loan by a/c payee cheque to ur A/c and infront of income tax dep. u clerify usases than u can easily get deduction,but u must owner of this property.