I am purchasing a flat. My source of funding is partly my own FD. I have OD FACILITY against these GD. In line with borrowing from relative Can I show this ad interest incurred on housing loan and claim this in income tax.
1 Answers
Hi,
Though I am not 100% sure on this, below are my observations ;
You can claim a deduction under Section 24 for interest repayment on loans taken from from anyone provided the purpose of the loan is purchase or construction of a property . You can also claim deduction for money borrowed from individuals for reconstruction and repairs of property . It does not have to be from a bank. ""For tax purposes, the loan is not relevant, the usage is. "
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