File itr

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2013 Dear Experts,
Mr. A has income from salary only,On that TDS also deducted. He take lone from Bank to purchase a house and paying monthly instalments. following are the EMI payment.

Paid from April 2012 to March 2013
Total: 161505/- In that`Principal 3699/- `Interest Component: 165204/-.
My query is that can I take principal component is Deduction U/s 80C and Interest component is deduction under 24(b). Can I take both. More over he has only one house property.

Rupesh Jain

Rupesh Jain (Expert)

20 July 2013 deduction for intt and loan principal will deductible when you are using as seldf occupied or property given on rent

in self occupied house you can claim intt. deduction u./s 24 up to 150000/-

and principal upto Rs. 1000000/- u/s 80C

on let out case all intt. w/o limit you can claim.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2013 But the lone taken from ICICI, then i can take principal amt as a deduction,

CA UMESH DULAL

CA UMESH DULAL (Expert)

20 July 2013 Interest on HL
take 150000 if it not given on rent
other wise, take entire amount as deduction u/s24

as far as principle is concern, in your case intire 3699 is allowed u/s 80c subject to overall limit of 100000.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now