Deduction of principal u/s 80c
This query is : Resolved
27 March 2015
If a Person owns three properties viz. Two residential properties and one is Commercial.The commercial Property is Let out and One residential property is self occupied and third one (Residential) is vacant. Loans are running against the commerical porperty and the vacant residential property. self occupied property is free from loan. What will be the tax treatment of Interest and Principal amounts of loan in respect of deduction u/s 24 and u/s 80c. and if the vacant proprty is sold out within two years of its purchase.
27 March 2015
only for self occupied property there is restriction on claiming int benefit u/s 24b upto 2 lakhs but for let out or deemed let out property then full interest accured / paid shall be allowed u/s 24b.
sec 80C can be claimed for principal repayment of loan on any of property.
sec 80C can be claimed for principal repayment of loan on any of property.
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