INTEREST OR PRINCIPAL UNDER 80 C?

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This query is : Resolved

AMIT (Querist)

21 July 2010 MR.S PURCHASES A FLAT FOR RS.5 LACS WHICH IS A LOAN FROM SBI

A. INTEREST

OR

B. PRINCIPAL + INTEREST

WHAT IS DED. UNDER SECTION ?

CA. Aryendra

CA. Aryendra (Expert)

21 July 2010 1. Repayment of Loan u/s 80C
2. Interest on Loan u/s 24 under income form house property

CA Sanat Pyne

CA Sanat Pyne (Expert)

21 July 2010 repayment of Principle amount will be allowed as deduction u/s 80c and interest amount will be allowed u/s 24

AMIT

AMIT (Querist)

22 July 2010 THANKS VERY MUCH SIR,

I WANT TO KNOW WHOM CAN CLAIM DEDUCTION UNDER THIS >

A. ON WHOM LOAN IS SANCTIONED

OR

B. WHO USE SUCH FUND ?

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)

22 July 2010 The Fund should be used by the person who has bought the property amd for which loan has been sanctioned. If The loan is not used for the property bought, the decution will not be available to any one - neither the person who borrowed nor the person who used.

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