Dedctions for purchase of ahouse

amulya_r8 (Business) (197 Points)

10 April 2011

What is the deduction that is available for purchase of a Flat costing Rs.25 Lacs for which loan has been granted by bank through Reverse mortgage?

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Shriram Ramachandran (IPCC Student CWA Inter & Processing officer in GNSA Infotech Ltd) (492 Points)
Replied 10 April 2011

Hi Friend,

U can get deduction U/S 24b for the Interest which u pay to the banks towards this loan & the Repayment of Principle U/S 80C..

Thanks I hope this info helped u.

R Shriram

Mohammad Asif (chartered accountant) (191 Points)
Replied 10 April 2011

you can get the benefit of interest payment on such loan u/s 24b and the repayment of principal under sec tion 80c

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