(Expert) 06 September 2008
The expenditure incurred in acquiring a House is allowed as a deduction from the income of the person. In that case incoem from house property will be a loss which will be set off from the income salary. Under 80 C the amount of principal paid can also be deducted.
(Expert) 07 September 2008
interest om h.l. shall be deduct from computation from h.p. and installment is deductable under 80c from taxable income up to rs.100000.00