can an individual claim exemption for the principal and intrest amount paid? if so under which head?
1 Replies
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 02 August 2016
The interest amount paid annually for a personal loan taken to acquire a house property can be claimed for deduction as defned under sec 24(b) but principle cannot unless its a registered lender. Prreserve all the docs relatig to personal loan and its link to show you used it to buy property.
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