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If I purchase a laptop or desktop for trading purpose, Can it be claimed under expenses?
I'm not a chartered accountant... but with my basic knowledge, laptop would likely come as asset purchase and will feature as an asset in the asset side of balance sheet.
So, laptop cannot be claimed as expense, however, some percentage might be allowed as depreciation for the laptop as an expense.
I have taken a home loan for 15 years tenure.

as far as I know,
1. I can use principal amount payment as a deduction under Sec 80C to an overall limit of 1.5 lakhs
2. I can also claim deductions on the interest paid on the loan if I self-occupy that flat. The maximum deduction on home loan interest allowed is Rs. 2 lakh for such cases.

3. And if I rent out that flat there is no limit on maximum deduction on home loan interest paid, the entire interest amount can be deducted in income from house property.

I want to know
Is there any time limit (say 5 years, 7 years, 10 years), to avail such deductions.
I can avail both deductions, 1 and 2 OR 1 and 3 (as mentioned above and as the case may be) for full 15 years duration.


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