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Vehicle purchased by taking loan

This query is : Resolved 
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(Querist)
16 June 2014 Hi all, Our client has constructing a building.For the purpose of material supply ,he bought a lorry by taking a loan from bank. Construction completed in the same year. is it eligible for section 24 and 80c?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
17 June 2014 loan for lorry wont be covered under "house property or 80c
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
17 June 2014 on acquistion or construction of house property is eligible.
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Rupesh Jain

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Rupesh Jain (Expert)
20 June 2014 if he doing business then he can claim exp of lorry and intt and depreciation of lorry.
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