Income from house property

This query is : Resolved

NEERAJ MALIK (Querist)
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15 January 2014 Dear Sirs
I Have taken a Housing Loan for my self occupied property in FY 10-11 from ICICI Bank Ltd
During the FY 12-13 I paid intt of Appx.Rs.83000 and Principal Appx. Rs.206000 towards this housing loan.
My Question is:-
1)Can I deduct this intetest amount of Appx Rs.83000 as interest on borrowed capital from my total taxable income.
2)Also, can I claim the deduction of principal amount paid Appx Rs.206000 seperately u/s 80C

AVTAR SINGH

AVTAR SINGH (Expert)
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15 January 2014 Yes. You can claim deduction of interest from "Annual Value of Self Occupied House Property" (Nil) and the loss of Rs.83000 can be set off against your other income.
Deduction u/s 80C (1 Lac) can also be claimed on account of principal repayment.

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