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Deduction of loan against property

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(Querist)
19 June 2012 I have a residential house consisting of only the ground floor.I have taken a loan against the same property to construct two more floors on the same building.Am i eligible for any deduction....If yes under which head?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
20 June 2012 Interest is eligible for deduction u/s 24 under the head Income from House Property.

Principal amount is eligible for deduction u/s 80C.

Interest relating to pre-construction period shall be allowed as deduction in 5 equal years beginning from the year in which construction is completed.
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