Can someone claim tax rebate for loan against property (lap)

https://www.moneycontrol.com/news/loans/takeloan-or-buy-outown-funds_210707.H T M L

Loan against property can be availed by both salaried as well as self-employed professionals to borrow funds by pledging residential or commercial properties as collateral.

Being a secured loan, loan against property offers competitive interest rates as opposed to unsecured loans. They are long-term commitments with tenors going up to 20 years. 

Tax Benefits from Loan Against Property

While a loan against property gives you funds for your varied needs, did you know that you could also claim tax exemption on the interest paid for availing the loan? Yes, a loan against property enables you to save on the tax amount payable. Here’s how you can avail tax benefits from a loan against property:

1. You can claim tax exemption from a loan against property if the loan amount is utilized for business purposes. In such cases, benefits can be claimed against interest paid and associated fees and charges incurred. These payables can be claimed as business expenses under Section 37(1) of the Indian Income Tax Act.

2. Salaried individuals can also claim benefits under Section 24(B) of the Income Tax Act if the borrowed funds are utilized for funding the purchase of another residential property. The maximum deduction one can claim is Rs.2 lakh. However, you will only be allowed to enjoy the benefits if you could successfully establish a link between the borrowed funds and their end-use in accordance with Section 24(B).
3. You can’t claim tax benefits if you are utilizing the funds to transform the mortgaged property.

4. Both Section 37(1) and Section 24(B) enables you to claim deductions only on the interest paid and not on the principal repaid.