Tushar (Student) (70 Points)
25 June 2011Dear All,
I want to know that interest on loan taken from relative will qualify for exemption under section 24 (b) or is it madatory to take the loan from any financial institution to qualify for this exemption.
Thanks.
Sunshine
(Helping All)
(10575 Points)
Replied 25 June 2011
It is immaterial whether the loan has been taken from a relative or financial institution...u can claim the dedcution on interest here...
Srilakshmi
(CA Final)
(141 Points)
Replied 25 June 2011
Deduction can be claimed whether the loan is taken from financial institution or relative
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 25 June 2011
| Originally posted by : Sunshine... | ||
 |
It is immaterial whether the loan has been taken from a relative or financial institution...u can claim the dedcution on interest here... |
 |
agreed
Aparna Raja K.C
(Student)
(520 Points)
Replied 25 June 2011
Agree with all...
But i guess you will need enough supporing documents to show that you pay interest against a loan taken from relative :)
Paras
(Mcom,CA Final)
(122 Points)
Replied 26 June 2011
| Originally posted by : Sunshine... | ||
|
|
It is immaterial whether the loan has been taken from a relative or financial institution...u can claim the dedcution on interest here... |
|
agreed but a certificate is needed to be attached
Rup Kumar
(finance manager)
(288 Points)
Replied 28 June 2011
Loan for house buildhing can be taken form any financial institue or from any other person including relative to avail deduction u/s 24(b) of I.T.Act.
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