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Deduction of interest payment and principle payment of housing loan

20 January 2020

i have one house property I want to purchase another one by taking a loan can i claim deduction of interest and principle amount?
instead of having one house property

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5 Replies

rama krishnan (12234 Points)
Replied 21 January 2020

Yes you can... there's no bar

1 Like

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 21 January 2020

Yes... You can claim deduction in ITR for interest and principle...

1 Like

manikanta nkk (18 Points)
Replied 21 January 2020

Yes u can claim deduction in itr interest amount in house property income and principle amount in 80c

Avtar Singh (363 Points)
Replied 21 January 2020

Very write

CA Arun Tiwari (Partner) (4830 Points)
Replied 23 January 2020

Yes, you can claim the deduction of principal repayment up to Rs. 1.5 lakhs under section 80C and deduction of interest under section 24B upto Rs. 2 lakhs if you have already own one house.