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Deduction under 80C for Housing Loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2011 Sir

An individual took a loan in 2009-2010 for Constuction of House Property. In the 2010-2011 the indiviual occupied the first floor of house for his residence. But he gave ground floor on rent to a Bank for commercial purpose . So, plz tell me if priciple amt paid for loan is eligible for deduction under 80C ? or some sort of proportionate deduction is available ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 March 2011 it can be taken based on area space propotion, in case equal space can be taken 1/2th of amount which can be justifiable

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