Deduction of house loan (principal & interest)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 October 2012 dear experts,

we have taken a house loan amount of rs.20 lacks( not for construction). so i want to know the availability of deductions under sec 80 c & 24 b..

CA bhargava

CA bhargava (Expert)
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30 October 2012 U.s 80C u can claim the principal part under deduction under chapter VIA
and under sec 24b:
If u are letting out the property u can claim the whole interest part
Else if u are self owned you can claim interest limited to Rs.1,50,000

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
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30 October 2012 What type of loan it is?
whether it is Mortgage loan or Term loan or Site/Plot Loan if it is not taken for construction?
Any loan which is taken other than the purpose of construction of house is not eligible to claim deduction u/s 80C and 24b.

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Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2012 dear subhash dangi,

loan takes against mortgage of such property

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
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02 November 2012 Then Interest paid such mortgage loan is not eligible to claim deduction U/s 80C as well as u?s 24b.