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Interest & principal on mortgage house property

This query is : Resolved 
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(Querist)
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.
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Nikhil Kaushik

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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.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
15 June 2014 agreed as only int will be allowed in this case...............
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