Deduction of house loan (principal & interest)
Querist : Anonymous
we have taken a house loan amount of rs.20 lacks( not for construction). so i want to know the availability of deductions under sec 80 c & 24 b..
and under sec 24b:
If u are letting out the property u can claim the whole interest part
Else if u are self owned you can claim interest limited to Rs.1,50,000
whether it is Mortgage loan or Term loan or Site/Plot Loan if it is not taken for construction?
Any loan which is taken other than the purpose of construction of house is not eligible to claim deduction u/s 80C and 24b.
Querist : Anonymous
loan takes against mortgage of such property
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