Query for A.Y. 2018-19
●I have taken mortgage loan against land(Asset A) of 700000 @ 10.80% for construction of another house property (Asset B ).
●Construction has been completed within 1 year from the date of loan taken.
●The amount of loan was only used for construction of house property.
● Now i am generating rental income of 30000 per month from Asset B. ●Whether am i eligible to claim deduction u/s 24 for interest repayment and deduction u/s 80C for principal repayment.
Gazal G,
Yes you can take Deduction u/s 24 for Interest Payment, And when your limit u/s 24 exhaust then you can take Deduction u/s 80EE.
and also u/s 80C for Repayment of Principal Amount.
Read Section 80EE here, https://cleartax.in/s/section-80ee-income-tax-deduction-for-interest-on-home-loan
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