POSTED BY October 31, 2013 9:29 am ONE COMMENT
ONDo EMI Payable on application of Loan Against Property (LAP) be eligible for Tax Deduction during Income Tax Return Filing?? If yes, then is it eligible for Interest paid on the borrowed amount (u/s 24(b) of IT Act,1961) and/or Repayment of Principal amount (u/s 80 C of IT Act,1961) ?
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There is no tax benefit for loan against property . PERIOD ! .
Manish