Will I get tax deduction? Madhav, 24 Nov 2012

If I take a loan for my residential house property I get a tax deduction equal to Rs. 1,50,000 by way of interest payment. I will like to know what would be the situation if I take this loan not from bank but from my close relatives and friends.

Fintotal Answer

Yes. You will get the deduction on interest paid upto maximum limit Rs 1,50,000  u/s 24. But you won't be eligible for the deduction u/s 80C for the principal amount of the loan.

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