can an individual claim exemption for the principal and intrest amount paid? if so under which head?
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 02 August 2016
The interest amount paid annually for a personal loan taken to acquire a house property can be claimed for deduction as defned under sec 24(b) but principle cannot unless its a registered lender. Prreserve all the docs relatig to personal loan and its link to show you used it to buy property.
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