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can I avail interest paid and repayment of Loan taken from
friends for construction of House property. if so under
what section of Income tax Act
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Answer / manoj chandra sharma
you can take the deduction on amount of intt. paid on loan
borrowed from your friend u/s 24(b) to the extent of Rs.
150000/- in case of self occupied property.
But on the other hand you will not entitled to get the
deduction of principal amount that you will repay to your
friend u/s 80(C) since there are some specified
establishment from which if u have taken the loan then u
will entitled to claim deduction
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