13 June 2010
ca we take deduction from income from house property ,of interest paid / accrued on loan taken from LIC of India as we have used this loan for prchase of New property
13 June 2010
The loan should be a "housing loan" so as to claim deduction under section 24(b). This is , by implication, of the proviso to the explanation with effect from April 1,2003.
13 June 2010
Under section 24(b) you can avail exemption only from Housing Loan, exeption from other loan you can not avail even it is use in housing property
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