Deduction of loan against property
This query is : Resolved
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?
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.
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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