Deduction u/s 80 C for principal amount of hosing loan
This query is : Resolved
26 June 2007
I have a query whether one can claim deduction of the principal amount of housing loan repayment u/s 80C during the pre-construction period as there is no specific guidelines in relation to this unlike in the case of interest paid during the preconstruction period.
26 June 2007
Deduction can be claimed u/s 80c eventhough there is no specific guidelines in the Income Tax Act because Pre construction period means the period commencing on the date of borrowing and ending on (a) March 31 immediately prior to the date of completion of construction/ date of acquisition or (b)Date of repayment of loan , whichever is earlier.
In the view of the above definition repayment of the loan can be made during the preconstruction period.
As per Sec80(c)the repayment of the housing loan can be allowed as deduction.
In the view of the above definition repayment of the loan can be made during the preconstruction period.
As per Sec80(c)the repayment of the housing loan can be allowed as deduction.
27 June 2007
deduction can be claimed, there are relevant case laws for this...!
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