Lap(loan against property)

This query is : Resolved

charan (Querist)
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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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.

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