Am I eligible for tax benefit for loan of Rs. 30 Lakhs?

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  1. Manojmc

    Manojmc New Member

    Hello,
    I bought a house for 30 lakh during 2014. I am confused to see the statement in the tax form regarding the tax deduction of interest and principal. Since somewhere it is mentioning that loan amount should be less than 25 lakh. Am I eligible for the loan benefit? If yes, please tell me where I have to deduct the principal amount and interest amount.

    Thank you in advance.

    Manoj
     
  2. Karan Batra

    Karan Batra Well-Known Member

    Yes, you can claim the loan benefit under Section 24 and Section 80C
     
    Manojmc likes this.
  3. Manojmc

    Manojmc New Member

    Thanks Karan for the quick response.

    Manoj
     
  4. ZED

    ZED Well-Known Member

    That condition was in respect of additional deduction u/s 80EE.
    Deduction u/s 24 b and 80C may be claimed.
     
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