Income on housing loan.
This query is : Resolved
Monil R. Shah
(Querist)
16 June 2009
A sallaried person have interest on housing loan in form no.16
Where it wll be allowed as deduction??
Where it wll be allowed as deduction??
Vipul J. Bhavsar
(Expert)
16 June 2009
I assume you are asking that Interest paid on housing loan will be allowed as deduction under which head of income and section.
The same will be shown as deduction under section 24 as Income from House Property.
The same will be shown as deduction under section 24 as Income from House Property.
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Monil R. Shah
(Querist)
16 June 2009
Thanks Vipul. But I further want to ask u that is it possible to make it allowed under 80c?
chetan soni
(Expert)
16 June 2009
No interest on housing loan interest will be allowed u/s 24(b) & principal sum repaid is allowed u/s 80C.
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CA.Nikhil Gupta
(Expert)
16 June 2009
Yes,I agree with Chetan and Vipul. U can only claim principal repayment under section 80C, interest will be allowed only under section 24(b)
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