Can I get deductions on housing loan taken from friends?

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Can I get deductions on housing loan taken from friends?

Can interest paid on loans taken from friends and relatives be claimed as deduction while calculating house property income?

Profile photo of  Paresh Mahajan Asked By: Paresh Mahajan 1 replies 0 helpful answers Last Updated: 7 months, 3 weeks ago
  • Profile photo of  Paresh MahajanParesh Mahajan
    Participant

    Can interest paid on loans taken from friends and relatives be claimed as deduction while calculating house property income?

  • Profile photo of Neha JoshiNeha Joshi
    Moderator

    Yes, you can claim tax deduction for loans taken from them for the purpose of purchase, construction, repair, renewal or reconstruction of a house. You should keep the documents necessary to prove that money was used for purposes mentioned earlier and not for personal or any other purpose. Also, you should take a certificate from the lender specifying the amount of interest paid/due on such loan for the F.Y.

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