Interest on borrowed capital /let out property for the year
This query is : Open
Guest
Guest
(Querist)
14 July 2016
My Client has taken a loan of Rs.45,00,000/- lakhs for purchase of flat, last 2 years back. And has ancestral property, he resides at his father's house. He has given the flat for let out for the full year. He is paying interest on borrowed capital Rs.4,00,000/- lakhs and principal amount of Rs.3,00,000/- lakhs.
Can my client is eligible for 'interest on borrowed capital' for Rs.4,00,000/- u/s.24(b) and 'principal amount' of Rs.3,00,000/- (Subject to Rs.1,50,000/) u/s.80C.
Please clarify any one
Can my client is eligible for 'interest on borrowed capital' for Rs.4,00,000/- u/s.24(b) and 'principal amount' of Rs.3,00,000/- (Subject to Rs.1,50,000/) u/s.80C.
Please clarify any one
CA Prateek Garg
(Expert)
14 July 2016
Yes eligible for both deductions...
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