Tax

ITR Filing ITR Filing

2 years ago

I am a salaried individual.
I had taken a personal loan of 12 Lakhs from SBI for 2 years that my brother used to purchase the property.
Can I claim tax exemption for principal and interest paid during FY2021-22?
Can I claim the Principal amount in 80(C) and interest in Section 24?
Please suggest

Anik

Responded 2 years ago

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A.Dear Client,
Since your brother has used the money and as it was a personal loan and not a home loan you cannot claim these exceptions. These exceptions are available on home loans and for homes acquired by you or your spouse or children.
Thank you
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Kishan Dutt Kalaskar

Responded 2 years ago

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A.Dear Sir,
You may consult chartered accountant as per my knowledge you cannot claim any exemption.

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