if an assessee took a housing loan and doesn't invested any amount in property or doesn't fulfill the purpose defined under section 24 i.e. Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property. Then assessee can claim the deduction u/s 24(interest amount) or 80C (principal amount or not?
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Section 24 of income tax act 1961
Replies (4)
No he can't take deduction under section 24.
I agree with aravind
but can he claim u/s 80 C ?
Even deduction U/s 80 c also Not available
The important thing is that how one can take loan from financial institution/banks without submitting any documentation proofs. And if he has taken house loan but there is no purchase/reconstruction/repair/renewal of house, no claim u/s 80C or u/s 24b can be availed.
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