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I have taken a loan of 500000 from my relatives...

I have taken a loan of 500000 from my relatives. Can I claim a deduction of interest paid while calculating income from house property?

I have taken a loan of 500000 from my relatives. Can I claim a deduction of interest paid while calculating income from house property?

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Jeeba Lal Jun. 15, 2018

Deduction for the payment of interest is based on the purpose of loan taken.

You can claim a decuction for the payment of interest on loan if loan is taken for the purchase or construction of house.

However, if you have taken a loan for your personal purpose, you can not claim a deduction for the interest payments.

I have taken a loan of 500000 from my relatives. Can I claim a deduction of interest paid while calculating income from house property?

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