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Loan Used for purchase of Hose

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 June 2010 ca we take deduction from income from house property ,of interest paid / accrued on loan taken from LIC of India as we have used this loan for prchase of New property

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 June 2010 The loan should be a "housing loan" so as to claim deduction under section 24(b). This is , by implication, of the proviso to the explanation with effect from April 1,2003.

Deepak Goel

Deepak Goel (Expert)
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13 June 2010 Under section 24(b) you can avail exemption only from Housing Loan, exeption from other loan you can not avail even it is use in housing property

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