my friend's salary is rs500000 p.a..he invested rs100000 and rs20000 respectively u/s 80c &80ccf.he also take a house loan of rs400000 for construction of his house (not as per building bylaws) from his mother in law.his mother in law has no pan card .is he avail deduction u/s 24b of it act,1961
2 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 30 January 2011
Interest payment to friends and relatives can be claimed u/s 24 but only against a certificate received from them. In the absence of the certificate, you would not be eligible for the deduction. The recipient of interest income who issues the certificate is liable to pay tax on the interest income that he receives. As far as the principal payments are concerned, they would not qualify for tax benefit as loans only from notified institutions and banks are eligible for such deductions.
M .K. Jha
(CA Final)
(484 Points)
Replied 31 January 2011
| Originally posted by : U S Sharma | ||
 |
Interest payment to friends and relatives can be claimed u/s 24 but only against a certificate received from them. In the absence of the certificate, you would not be eligible for the deduction. The recipient of interest income who issues the certificate is liable to pay tax on the interest income that he receives. As far as the principal payments are concerned, they would not qualify for tax benefit as loans only from notified institutions and banks are eligible for such deductions. |
 |
ya Its right....
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