Int allowed u/s 24b

I have taken a secured loan of rs 20 lakh from bank for purchasing house against my fixed deposit @ 9%. can I take benefit of rs 20000u/s 24(b) and rs 150000 u/s 80c. as in bank records this is secured loan , not housing loan.
Replies (7)

you are not eligible to claim sec. 24b & sec 80c, as bank certificate is miss

Thanks But is there no other way to handle this situation as I will suffered a huge loss if this deduction will not allowed. I have a proof of payment to seller.

You can claim deduction irrespective of the nature of loan( personal, mortgage, secured, unsecured).

The loan should be used for purpose of purchase, construction or renewal of house.

Therefore you can claim such deduction.

For more information you can visit - https://taxadda.com/income-tax/house-property/deduction-of-interest-sec-24b/

or 

https://taxadda.com/income-tax/deductions/insurance-ppf-repayment-of-loan-and-other-deductions-sec-80c/#housing

There is no deduction or exemption for Interest on Secured Loan.

Mr prateek what about certificate as mentioned in sec 24b. As far as I read it clearly says that no deduction is allowed on interest if certificate from bank not furnished or anybody from whom the assessee borrowed the capital.

Yes, you need a certificate but its not necessarily needs to be a housing loan. As you said you take loan from bank, you can easily get a certificate.

But this is also mentioned in this section that certificate should also Mention that interest is payable is for purpose of acquisition, construction of the house. Will bank provide this kind of certificate with this lines.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 25 August 2026
CA Article's

Saini Pati Shah & Co LLP

Mumbai

CA Inter

View Details
Company
13 August 2026
Chartered Accountant (FP&A)

Client of Trellis Consulting

Gurgaon

CA

View Details
Company
12 August 2026
Deputy Manager - Finance

RoamPrime Technologies Private Limited

Bengaluru

CA

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
25 August 2026
Senior Accountant

MG Associates

New Delhi

CA Inter

View Details
Company
17 August 2026
Chartered Accountant with US GAAP Experience

Austin Med Solutions Pvt Ltd

Bengaluru

CA

View Details
Company
28 August 2026
Audit Manager

K A R M & CO

Mumbai

CMA

View Details
Company
18 August 2026
Audit Assistant - Remote / Work From Home

CA ANOOP P K & ASSOCIATES

Kozhikode

CA Inter

View Details