Tax implications
This query is : Resolved
29 March 2014
I have taken a housing loan for repairs & renovation. Can I get its principal amount as a deduction u/s. 80C and interest amount as a deduction u/s. 24? Further, i used this amount for investment in FDRs and earned interest on it. Please suggest whether this can be done or not?
30 March 2014
no...this loan wont get deduction under 80C. however, 24b interest is deductible.
interest on fd shall be taxable.
interest on fd shall be taxable.
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