Housing loan deduction and rent income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 February 2017 Dear Experts,
I had purchased the flat by taking housing loan from bank. But i have given my flat on rent Rs. 20000 PM. So my query is....1) can i avail the 30% deduction of income from house & property u/s 24A...2) can i avail the deduction of intrest paid on housing loan upto 2 Lacs u/s 24B......3) can i avail the deduction of payment relate to principle amount upto 1.5 Lacs u/s 80C,

Also clarify any criteria relate to housing loan to avail these deductions?

Regds
Anmol

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 February 2017 1. Yes

2. Full amount of the interest payable for the year can be claimed u/s 24(b).

3. 80C can be claimed for the principal repaid.

4. Criteria for (3) above - Pl see 80C(2)(xviii).

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