Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money
In respect of loans taken from your friends and relatives, you can claim deduction under Section 24(b) for interest. But the deduction under Section 80 C for repayment of principal is not available in such case.
Income tax return (ITR): Section 80 C of the Income Tax Act allows you deduction up to Rs 1.50 lakh in respect of certain items of investments and expenses. Image source: Reuters