Interest on loan against property deductibility

If a person buys a commercial property by borrowing from bank as a Loan against property; also the the said is not used for commercial purposes nor is it let out to anyone. Can the person claim interest on the loan as a deduction to income from house property?

Also can the principal portion of the said loan be deductible under section 80C?

Replies (1)

Yes u can claim Interest on loan under the head " Income from House Property" but upto Rs.150000/- 

and u even can claim principal amount which u have paid to bank  under the Head 80C.

 

Regards,

Harish Bansal

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register