CA Sahil Singla.. (Service Tax ) (3746 Points)
29 March 2011Sir
An individual took a loan in 2009-2010 for Constuction of House Property. In the 2010-2011 the indiviual occupied the first floor of house for his residence. But he gave ground floor on rent to a Bank for commercial purpose . So, plz tell me if priciple amt paid for loan is eligible for deduction under 80C ? or some sort of proportionate deduction is available ?
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1829 Points)
Replied 29 March 2011
Principle amt is eligible for deduction under Sec. 80C and also interest paid is come under loss on house property.
mridul savio Pinto
(articled trainee )
(1477 Points)
Replied 13 April 2011
PRINCIPLE AMT IS DEDUCTIBLE UNDER SECTION 80 C AND INTEREST IS DEDUCTIBLE U/S 24 ..
FOR SOP (USED FOR OWN BUSINESS ) THAT WILL BE LOSS FROM HP .... AND ALSO DEDUCTIOBLE FROM LOP , 50 PC OF INTEREST IS DEDUCTIBLE FOR SOP AND OTHER FOR LOP
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
