Lap(loan against property)
This query is : Resolved
01 April 2014
Respected Sir
Can i claim Loan Against Property(LAP) Interest & Repayment of principal use in my income tax return for deduction?
thanks & Regards
Jagjit Singh
Respected Sir
Can i claim Loan Against Property(LAP) Interest & Repayment of principal use in my income tax return for deduction?
thanks & Regards
Jagjit Singh
01 April 2014
not under section 80c if you are using the proceeds for any purpose other than purchase or construction of a residential property.
for interest the same shall apply under 24(b)
however, if the money is used for business purpose, the interest paid can be claimed as a business expense.
for interest the same shall apply under 24(b)
however, if the money is used for business purpose, the interest paid can be claimed as a business expense.
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