Loan taken for construction of house

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Student CA IPC / IPCC
11 Points Posted on 15 July 2020
personal loan taken for construction of house and used it as self occupied,then interest and repayment of principle amount allowed as deduction under respective sec or not
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On 15 July 2020 at 12:06 Report
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This discussion clarifies whether a personal loan taken for house construction qualifies for tax deductions under Section 80C. While the section typically refers to housing loans, it doesn't explicitly exclude personal loans used for construction. Therefore, you may be eligible to claim deductions on both the principal repayment and the interest paid.

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1102 Points Posted on 15 July 2020
As per sec 80C Repayment of loan taken from Banks or Financial institutions for purchase or construction of House,
there is no mention whether there should be house loan or personal loan....


soo Yes, you eligible to take deduction on both repayment of loan and Interest there on.
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On 15 July 2020 at 12:21
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TDS Preparer
1464 Points Posted on 16 July 2020
No. Its clearly mentioned loan taken for construction of house and the repayment of principal can be claimed in 80c
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On 16 July 2020 at 00:02

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