03 April 2014
helloz.. Plz guide me regarding taking deduction of Int on Housing Loan..and deduction of Principal Amt. For deduction of Principal Amt what should be considered??- as on date (respecive 31st march)outstanding Loan amt or Repaid principal Amt?
Interest on housing loan is allowed as deduction as under, --If property is not let out, deduction allowable upto Rs.1,50,000 p.a. --If property is let out, then any amount paid as interest is allowable as deduction
Principal amount of loan is allowalbe u/s 80C (i.e. upto Rs.1,00,000)
Principal amount of loan which is repaid during the year is allowable as deduction.
CAclubindia
