Deduction of interest

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Service
24 Points Posted on 01 October 2013

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 ?

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On 01 October 2013 at 12:00 Report
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Student
412 Points Posted on 01 October 2013

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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On 01 October 2013 at 13:45

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