Info about deduction u/s 80 c

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Manish Kumar Joshi (Querist)

03 January 2014 One of my client(Individual, Resident of New Delhi)have purchased Land in Jaipur for which he has taken personal loan from bank.Can he get deduction of Principal & interest amount?If no then please suggest me(if any) to get deduction .

CA DHEERAJ

CA DHEERAJ (Expert)

03 January 2014 under 80C you not claim your principal amount bcoz u purhcased house, under section 80C Dedcution is allowabel only if house is constructed and prinicipal amount paid in regarding loan taken for construction, but

you calim interest dedcution u/s 24b and and you have any income in the current year then such interest loss setoff your current year income, otherwise carrie forward

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Manish Kumar Joshi

Manish Kumar Joshi (Querist)

03 January 2014 Can i get deduction of interest amount on personal loan ? I have not taken home loan as i mentioned in my previous query

CA DHEERAJ

CA DHEERAJ (Expert)

03 January 2014 NO YOU CAN'T GET DEDUCTION OF INTEREST AMOUNT ON PERSONAL LOAN UNDER HOUSE PROPERTY HEAD,

BUT YOU HAVE BUSINESS, THEN YOU SO SUCH AMOUNT UTILIZED FOR BUSINESS, THEN YOU GET INTEREST DEDUCTION IN YOUR BUSINESS INCOME

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Manish Kumar Joshi

Manish Kumar Joshi (Querist)

03 January 2014 If after some time I have started construction on that land.Loan earlier taken to purchase the land is allowable for deduction or not? or I will have to take fresh loan for construction of house to get deduction?

CA DHEERAJ

CA DHEERAJ (Expert)

03 January 2014 Yes, Allowable but Praposnate amount which you utilized for construction only that part interest allowabel but you have to prove it when intimation come from department other wise not problem

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