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

QuestionsCategory: Income TaxCan interest paid on loans taken from friends and relatives be claimed as deduction while calculating house property income?
1 Answers
Profile photo of SaraRaoSaraRao Staff answered 1 month ago

Yes, if the loan is taken for purchase, construction, repair, renewal or reconstruction of the house. If the loan is taken for personal or other purposes then the interest on such loan cannot be claimed as deduction.​