Interest & principal on mortgage house property
This query is : Resolved
15 June 2014
Hello Nitin,
House property is purchased by borrowing funds from friends.
Later on loan is borrowed from bank by mortgaging the same house property.
Currently, it is a 'Loan Against Property'.
In this case, is it possible to claim interest deduction under Sec. 24 & principal amount deduction U/S 80C.
Please guide.
House property is purchased by borrowing funds from friends.
Later on loan is borrowed from bank by mortgaging the same house property.
Currently, it is a 'Loan Against Property'.
In this case, is it possible to claim interest deduction under Sec. 24 & principal amount deduction U/S 80C.
Please guide.
Nikhil Kaushik
(Expert)
15 June 2014
LAP is not a loan used for construction of the house (against which loan is taken)
so only interest deduction should be available.
so only interest deduction should be available.
15 June 2014
agreed as only int will be allowed in this case...............
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