Home Loan Income Tax benefits on loan from relatives

POSTED BY Abhi B ON April 20, 2013 1:43 pm ONE COMMENT

Dear All,

My Grandfather has a ready flat in Delhi which I am intending to purchase from him ( due to his intention of distributing the proceeds among all his children equally). I will pay him the money by taking loan from my parents which I intend to document and then pay them interest. I know that under sec 24 I can claim interest benefit on home loan from relatives. My parents have no income as of now and I fall in 30% slab. Can you let me know what all documents do I need to give my employer so that I dont end up claiming TDS deducted from my salary. Can anyone advise me on the same. 

One reply on this article “Home Loan Income Tax benefits on loan from relatives”

  1. Dear Abhi, a plaij question from my side to you. if I do not have money, how can I loan it to you?

    From employer’s point of view, sorry, no matter how much clear & concrte paper work you prepare but as the loan is not from a financial institution, your employer ‘ll not provide any benefit for TDS at source for you.

    thanks

    Ashal

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