FAQ’s on Home Loans….

Can I claim tax benefits for loans from family members?

  • Tax benefits on interest payment under Section 24 of the Income Tax Act, are available to the borrower if he takes a loan from personal channels –friends, family, etc. The borrower must, however, note that they cannot claim deductions under Section 80C on repayment of the principal component. The borrower also cannot claim benefits on interest payment under Section 80EEor Section 80EEA.

 

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