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Deduction for Housing Loan for First Floor of House

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2010 A person already owns a house and resides in it, on the ground floor. He constructs First Floor of the House (after approval of Plan from Municipality), by taking Loan from Bank. Whether the deduction of this loan will be available u/s 24?. If yes, whether the limit will be 30000 or 150000. since in proviso it is written "acquired or constructed after 1/04/1999".
Whether the deduction of repayment of loan u/s 80C will also be available on such loan?
Please quote any case law if available.
Thanks
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
02 December 2010 Interest deduction will be allowed up to Rs. 1.50 Laks and 80C deduction for principle payment is also allowed.
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