Loan against Property (LAP)

Tax Glossary Definition

Loan against Property (LAP)

A loan against property is a secured loan where an individual or business borrows funds using real estate (residential or commercial) as collateral. The interest paid on such loans may be eligible for tax deductions under specified sections of the Income Tax Act, depending on the purpose of the loan.

Example: Taking a home loan against property to purchase a house allows the interest paid to be claimed as a deduction under Sections 80C (principal) and 24(b) (interest), subject to applicable limits.

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