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What are the docs required to avail loan from mother? - Property Hotline
Posted
October 14, 2016
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136
October 14, 2016
136
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3:56Now PlayingExpert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor
Question: I'm planning to buy a flat in Noida. Can I take an interest bearing loan from my mother? If yes, what are the documents required to avail this?
Answer: Yes you can take an interest bearing loan from your mother you can claim the interest payable to her as a deduction. If the property is self-occupied you will need a certificate from her regarding the interest payable on the loan taken from her. There is no fixed format for this loan or certificate. Even a simple letter laying down the loan and interest amount should be sufficient proof. Please note that your mother will have to declare the interest earned from you as her income and pay income tax accordingly.
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