26 January 2009
Q1)Interest paid on borrowed capital for purchasing/constructing a house is deductible u/s 24(b)(ii), but I want to ask that is it also allowed as deduction under Chapter VI-A, u/s 80C at the same time?
Q2)The wordings in 80C is that "ANY PAYMENT towards the cost of Pur/Construction..." so does that mean that even payment towards principle amount is deductible u/s 80C?
or
Q3) Is it that Interest is deductible u/s 24(b)(ii) and the Principle amount is allowed as deduction u/s 80C?
CAclubindia
