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Loan taken for purchase of the property

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(Querist)
16 June 2014 Can any body tell me , whether interest on loan taken for purchase of property is eligible for deduction u/s 24? Is the principal is deductible under 80C?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
17 June 2014 for loans take by individual/huf for purchase of a house, the deduction is available under both 24b and 80c
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
17 June 2014 yes both are eligible if its for purchase or construction of property.
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Rupesh Jain

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Rupesh Jain (Expert)
20 June 2014 yes intt. u/s 24(b) Rs. 150000/- for self occupied and for let out property no limit and principal amount will be calim u/s 80C.
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