Principal & interest on sactioned home loan
This query is : Resolved
SURAJ VISHWAKARMA
(Querist)
09 February 2013
Dear Sir/s, One of my client has been sanctioned a home loan of Rs.16 Lacs & bank on her request has provided Provisional Certificate showing principal amount & interest component payable from 01.04.2012 to 31.03.2013(actually not paid), if the same can be taken for tax rebate in her income tax returns?
CMA Ramesh Krishnan
(Expert)
09 February 2013
Principal eligible for deduction under section 80C on payment basis and Sec.24(b) is allowed interest portion is accrual basis. so you can take the rebate of both Sec.80C principal max of Rs.1 Lakh & Interest Rs.1.50 lakh for self occupied and actual for letout property
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