Sir
An individual took a loan in 2009-2010 for Constuction of House Property. In the 2010-2011 the indiviual occupied the first floor of house for his residence. But he gave ground floor on rent to a Bank for commercial purpose . So, plz tell me if priciple amt paid for loan is eligible for deduction under 80C ? or some sort of proportionate deduction is available ?
Principle amt is eligible for deduction under Sec. 80C and also interest paid is come under loss on house property.
PRINCIPLE AMT IS DEDUCTIBLE UNDER SECTION 80 C AND INTEREST IS DEDUCTIBLE U/S 24 ..
FOR SOP (USED FOR OWN BUSINESS ) THAT WILL BE LOSS FROM HP .... AND ALSO DEDUCTIOBLE FROM LOP , 50 PC OF INTEREST IS DEDUCTIBLE FOR SOP AND OTHER FOR LOP
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
CCI
Pro
CAclubindia
