Deduction on housing loan

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chandan (Querist)
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26 February 2013 hi sir
one of my assesee taken housing loan from various source other than bank is any deduction for that loan ?
Plz help me?

jaydip a. limbasiya

jaydip a. limbasiya (Expert)
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26 February 2013 (1) only interest is deductible u/s 24(b).
(2) No deduction of principle repayment is made u/s. 80(c)

chandan

chandan (Querist)
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26 February 2013 thanks sir

@VaibhavJ

@VaibhavJ (Expert)
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26 February 2013 He has to take confirmation of int paid so that there will not be any hassle if any notice is received..

CA Prashant Gupta

CA Prashant Gupta (Expert)
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26 February 2013 for 80C loand can be taken other than bank
but from below:
central govt or state govt
LIC
public company
employer but employer must be board or co, established under Central or state act
otherwise 80C will not be available

CA Prashant Gupta

CA Prashant Gupta (Expert)
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26 February 2013 interest u/s 24(b) will be available
but need to give proof which is jsutified and valid according to ITO

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