26 April 2012
Whether the loan payment for home loan taken by mortgaging the home, funds used for personal purposes, should also be eligible for deduction under Sec. 80C and Interest paid on this amount should be allowed or not?
27 April 2012
Loan amount is not used for business but is used for personal use therefore interest and repayment of personal loan will not be eligible for deduction u/s. 24 and 80C respectively.
28 April 2012
Loan should be borrowed for the purpose of construction, acquisition, etc., of house property shall be eligible for deduction of u/s 24b of income tax act 1961. You have used loan amount for the personal purpose hence it shall not be allowed deduction u/s 24b and u/s 80c.
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