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 ?
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
(Expert)
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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