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Exemption of interest on borrowed capital for housing loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 May 2012 Dear experts,
Salaried employee was occupied a ready to occupy house, he was avail a housing loan from LIC. The date of possession of the house is before the date of loan taken, that means, purchase of house by hand loans from friends, after that he get the loan from LIC and paid to friends. These are occur in same financial year. Please let me know the consequences regarding exemption of interest and repayment of housing loan.
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
20 May 2012 Yes, you avail benefit of Interest on Housing loan exemption under section 24(b) and repayment amount deduction under section 80C.

OM SAI SRI SAI JAI JAI SAI
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Sanket Shah

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Sanket Shah (Expert)
20 May 2012 the amount of interest benefit will be limited to rs 1.5 lacs if it is only house of assessee.
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