Loan from HUF by Karta

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  1. Santhoshh

    Santhoshh New Member

    I have a home loan with a nationalized bank. I am karta of my huf where I have funds. Can I take loan from my huf to repay bank home loan and repay the huf with interest and this can be shown as home loan right in my tax deductions?
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    Dear Santosh

    Yes, you can take a Loan (with Interest) from HUF to repay your Home Loan from Bank

    However, deduction of this interest would only be allowed if the HUF furnishes you a certificate of the Interest payable and principal amount to be repaid. This certificate would be allowed to be furnished every year.
     
    Raunak Gupta likes this.
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