06 July 2016
The extra amount that is being charge is over and above the principal and hence can not be allowed u/s 80C.
However deduction may be claimed u/s 24(b)
Not u/s 80C but can be claimed u/s 24(b)
"interest" means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilised ;
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