Getting home loan exemption for private loan

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..... Dear Sir, I'm working in an IT company and paying tax of Rs. 1,60,000 p.a. Recently, I purchased a flat and partly paid from my salary savings and from private loan. In this transaction, as no bank was involved in getting home loan, I'm confused of getting tax exemption under home loan for my private loan. The flat is still under construction. Request you to provide me the way, how I can g .....

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..... et exemption in IT for my private loan Thanks in Advance. Regards Srinivas. P. - Reply By tarsem gupta - The Reply = Interest paid on loan, including private loan, is deductible u/s 24 from the income from the house property. As the house is still under construction no deduction is allowable. On completion of the house deduction of interest isw allowable as per rules. No deduction of rep .....

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..... ayment of loan is allowed on private loan. - Reply By mohammed koya ahamed - The Reply = repayment of interest on borrowed capital is an allowable u/s. 24(1)(b) of the Income Tax Act, only one condition is there. Loan will be used for construction/ready made purchase of self occupied property as per Sec.23 of Income Tax Act,1961 . Another thing is the repayment will be allowed u/s. 80C o .....

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..... f IT Act if the loan is granted by a public sector company/ authority constituted by central or state government in providing long term finance.But there is no such restriction in the act for deduction on payment of interest u/s 24(1) - Getting home loan exemption for private loan - Query Started By: - Srinivas P Dated:- 5-11-2011 Income Tax - Got 2 Replies - Income Tax - Discussion For .....

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..... um - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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