One of my assessee is an individual and has salary & income from house property as source of income and has taken term loan for construction and repairs of House Property.Assessee let out his house property to business men and regularly TDS has been deducted from them.

My question is :

1) Can assessee avail benefit u/s 24(b)for interest paid on term loan.

2) Can assessee avail deduction u/s 80(C) for principal paid on term loan.

Admin’s Response:

Answering your queries in order:

1) Yes, if it is a housing loan.

2) Upto Rs. 1.00 lac with other savings u/s 80 C.