Int allowed u/s 24(b)
This query is : Resolved
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.
22 February 2016
Interest u/s 24b and priciple eligible under section 80C,(No problem if it is not housing loan,,)
22 February 2016
Yes you can take the deduction.
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).
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