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Property purchase loan, whether any exemption under IT Act
I have taken property purchase loan from Nationalized Bank, whether any exemption for principal or interest amount comes under Income Tax Act, as provided in Hone loan
Replies (4)
Quick Summary
Yes for interest you can get an deduction upto 2lacs under section 24 and towards principal of 150000 under 80C.
you need to get the certificate from bank for interest and principle paid during the year as you might require to produce to the dept if they demand.
you need to get the certificate from bank for interest and principle paid during the year as you might require to produce to the dept if they demand.
Thanks
section 24 is applicable only when we construct home on that property, whether it will attract when we could not make any construction on it.
Else, is there any other provisions in IT Act
section 24 is applicable only when we construct home on that property, whether it will attract when we could not make any construction on it.
Else, is there any other provisions in IT Act
If residential property is there then only interest deduction can be taken under section 24. else not eligible
Thanks
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