siva andhavarapu (ca final) (388 Points)
17 June 2017HAI
IF ANY PERSON TAKES PERSONAL LOAN FOR HOUSE CONUSTRUCTION THEN WHETHER HE CAN CLAIM BENEFIT OF INTERST PAYMENT IN INCOME FROM HOUSE PROPERTY HEAD(REALLY HE USED THAT AMOUNT FOR HOUSE CONUSTRUCTION PURPOSE ONLY).
(OR)
HOW CAN HE ADJUST THIS INTEREST PAYMENT TO REDUCE HIS TAX LIABILITY? (HE IS A SALARY EMPLOYEE)
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 17 June 2017
He can take the interest deduction u/s.24(b), but maintain proper record of utilization of the funds in construction of the house property.
siva andhavarapu
(ca final)
(388 Points)
Replied 18 June 2017
sir
what about pricipal repayment of that laon.can he claim 80c benefits
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 18 June 2017
No. You cannot get deduction for the principal amount of the loan. Only the interest paid on loan can be utilized for tax deduction.
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