23 November 2011
Is deduction of housing loan principal payment allowable under sec. 80C when property was let out? bare act language for 80C is "for the purpose of purchase or construction of residential house property the income from which is chargeable to tax under the head 'income from house property' (or which would, if it had not been used for the assesee own residence , have been chargeable to tax under that head)........ it is interpret as deduction of principal payment of let out property is allowable as written in brackets....
CAclubindia
