Suppose I am a partner in a constrution partnership firm. I have taken a loan from bank by creating mortgage on my self occupied house. I have bring that money in firm. During F.Y. 2012-13 I have paid 3,00,000 Rs as interest to bank and received 5,00,000 Rs. interest from firm on my capital
So, how much I can adjust against interest ? Is limit of Rs. 1,50,000 applicable in this case ? Can I get deduction of loan principal under section 80 C ?
yes, you can take the benefit of interest paid on loan but not under section 80c.
You can claim the interest exp. under the head Business and profession
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