SECTION 24 HOUSE LOAN

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  1. SOMNATH MITRA

    SOMNATH MITRA New Member

    Dear Team

    Kindly brief me one issue which came across while checking Tax papers for allowing exemption in salary current year.

    Issue is, one employee submitted self declaration (not from any bank or fin institution) for claiming Int on housing loan from his father in law for Rs 2 Lacs.

    I have rejected his claim and did not accepted his claim and said if you wish, you may claim it from assessment. AO has the power and you should approach for refund.

    In this case, what is the correct fact and is there any such thing allowed in laws. Then many would start claiming this kind of tax exemption.

    Kindly clarify on priority.

    Regards
    Somnath Mitra
     
  2. Piyush Chawla

    Piyush Chawla Active Member

    Deduction wont be allowed in this case for loan taken from father in law.
     
  3. SOMNATH MITRA

    SOMNATH MITRA New Member

    thanks dear...
     
  4. SOMNATH MITRA

    SOMNATH MITRA New Member

    Hi
    But I wish to get some more clarification on this matter. In Sec-24 loan taken from father and certificate given for Rs 2 Lacs interest paid. And as per rules, he is not claiming loan principal amount exemption.
    Is a simple certificate is enough ? And what is the check point and if so then many would get benefit of this section. I want to know the main reason for allowance and disallowance.

    Regards
    Somnath Mitra
     
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