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Querist : Anonymous
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.
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.
Querist : Anonymous
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.
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