Hello to all CAclub members. Interest on Home Loan sanctioned for F.Y.2013-14 is Rs. 1 Lac. My query is whether principle amount along with interest is also get deduction for above?.
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Interest on home loan
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| Originally posted by : Bhavesh | ||
 |
Hello to all CAclub members. Interest on Home Loan sanctioned for F.Y.2013-14 is Rs. 1 Lac. My query is whether principle amount along with interest is also get deduction for above?. |  |
the maximum limit Interest on home loan declared as self occupied and is fully constructed is rs.150000 for FY 2013-14 and there is no limit if it is on rent or also nominal rent is shown on it. Principal amount can be claimed only if the property is self occupied under sec 80C (i.e max limt is 1 lakh only)
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