Int allowed u/s 24(b)

This query is : Resolved

sagar (Querist)
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22 February 2016 I have taken a secured loan of rs 20 lakh from bank for purchasing house against my fixed deposit @9%. can I take benefit of rs 20000u/s 24(b) and rs 150000 u/s 80c. as in bank records this is secured loan , not housing loan.

Ganeshbabu K

Ganeshbabu K (Expert)
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22 February 2016 Interest u/s 24b and priciple eligible under section 80C,(No problem if it is not housing loan,,)

CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
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22 February 2016 Yes you can take the deduction.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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22 February 2016 You cannot claim deduction on the principal amount of the loan u/s 80C, but the interest paid on the loan can be utilized for tax deduction u/s 2(b).