18 February 2010
Hi! Please ans following query urgently. Hoising loan taken for purchase or construction of house is allowed as deduction If I am salaried employee.I have taken loan for reparing and renovation of my house.Is it allowed as deduction. .
18 February 2010
u/s 80C only payment of Principal amount is allowed for deduction, which have been taken for the purpose of construction of House.
However, you can claim only Interest portion (u/s 24b) while computing Income from House Property and repayment of principal amount is not allowed anywherelse for Repair & Renovation.
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