compund interest

Compound Interest on Home Loan Not Allowable as Deduction under section 24!


The home loan entitles a person so claim deduction of interest payable on the amount borrowed and utilized for the purpose of buying or constructing house. Section 24 of the Income Tax Act deals with the deduction of interest on borrowed capital. Now , when a person borrows home loan, generally , all such loan agreements keep a clause under …

Can HRA exemption, 80C deductions & Interest deduction be claimed together?

House rent allowance exemption and interest deduction including 80C deduction for payment of principal amount of loan is one of the most sought after query by readers of this blog. Therefore, when Mr Nag of Banglore asked “I have an independent home in B’lore(under bank loan) and I am staying in B’lore in rented house(3BHK). Can I claim Both HRA and Home …