Dear readers,
How are you all?. Here I am fine.I have finished my tax proof submission to my company earlier this month. During the submission of income tax, I had following doubt about my housing loan proof, which is taken from my father.
- Whether the housing loan getting from my father is eligible to getting the tax rebate?
- Whether I can show both principle and interest amount or not?
- What are the documents needs to sumbit the tax proof?
So I met the tax expert to consulting about my doubts.I got clear idea.I will explain you one by one about my doubt clearance.
Whether the housing loan getting from my father is eligible to getting the tax rebate?
Answer is yes. you can get the tax relaxation for this type of loan.
Whether I can show both principle and interest amount or not?
If you got housing loan from any financial institution like banks, LIC etc you can show the principle amount under the section 80C and loan interest up-to one and half lacks if self occupied otherwise whole amount you can reduced in your taxable income. so in my case I can not show the principle amount for tax exemption.
What are the documents needs to sumbit the tax proof?
Just get the letter from my father with his signature on the one rupee revenue stamp.
