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House property

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(Querist)
03 April 2014 helloz..
Plz guide me regarding taking deduction of Int on Housing Loan..and deduction of Principal Amt. For deduction of Principal Amt what should be considered??- as on date (respecive 31st march)outstanding Loan amt or Repaid principal Amt?
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
03 April 2014 Hi Sonal,

Interest on housing loan is allowed as deduction as under,
--If property is not let out, deduction
allowable upto Rs.1,50,000 p.a.
--If property is let out, then any amount
paid as interest is allowable as deduction

Principal amount of loan is allowalbe u/s 80C (i.e. upto Rs.1,00,000)

Principal amount of loan which is repaid during the year is allowable as deduction.


Regards,
Devanand
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Sonal Chavda

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Sonal Chavda (Querist)
03 April 2014 Thank you..Devanand Sir..
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