Interest on home loan

This query is : Resolved

venkatesh (Querist)
Follow

25 January 2014 Respected Sir,

The assessee has availed housing loan from more than one financial institution.

can he claim total interest accrued on all such loans as deduction from house property income.

also can he claim deduction under section 80C regarding its total of the principle portion?

please do indicate the relevant circular/rule.

With regards
Venkatesh

@VaibhavJ

@VaibhavJ (Expert)
Follow

25 January 2014 Hi

Under section 80c you can claim principle repayment upto 1lac if property is residential and you can claim interest deduction under sec. 40 (b) upto Rs. 1 lac.

Since in income tax it is requirement that loan should be taken from financial Institute and you can avail loan from more than one Institute.

Thanks