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Abdul Basit (Block Officer)     25 March 2013

Consumption loan for housins purposes

Some banks provide provisional statements regarding Consumption Loans for purchase/construction/repair/renovation/addition/alteration , indicating principal component receivable and interest chargeable on such account during the FY Apr. 01 to Mar. 31 without mentioning the date of disbursement of loan, stage of construction,date of possession, status of occupancy etc

           Shall such consumption loans qualify for rebate u/s 80C and u/s 24(b) of IT Act? How and in what proportion? Please favour with exlainatory comments.

                                                                                                                              With regards


 1 Replies

VARUN MAHAJAN (Proprietor)     26 March 2013

If particular loan has been availed for construction renuvation or otherwise you may claim deduction to the tune of that amount paid as intrest and repayment of loan provided that if the case is opened you have to justify that the particular deductions claimed was not fake one

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