Interest on housing loan
This query is : Resolved
CA Ashish Gupta
(Querist)
30 July 2012
Please tell me whether interest on repayment of loan taken for purchase/construction of residential house property should be claimed as deduction u/s 24 or it should be claimed as deduction u/s 80C?? and what is difference between these two provisions?? please clarify.
30 July 2012
Dear interest is to be claimed under sec 24, and principal repayments can be claimed as deduction under sec80C.
Hope you get your answer.
Hope you get your answer.
CA Ashish Gupta
(Querist)
30 July 2012
But sec 80C provides deduction for repayment of INSTALLMENT amount. It has not made clear that it is for only principal repayment. As installment may include principal as well as interest. So how can we segregate it for the purpose of deduction??
CA mahesh birla
(Expert)
30 July 2012
you claim interest in u/s 24 and principal in 80C from the instalment.
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CA BHARATH KUMAR
(Expert)
31 July 2012
under 80C- repayment of Housing Loan
under 24B- interest on housing loan
under 24B- interest on housing loan
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