Deduction u/s 80c

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Bhagyashri (Querist)
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16 January 2012 Prepayment of housing loan is allowable u/s 80c & Housing loan interest?
if yes how to bifurcate the amount in this two part?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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16 January 2012 Repayment of principal amount of housing loan is allowed as deduction u/s 80C.

Repayment of interest on housing loan is allowed as deduction under the head Income from House Propery.

If the house property is self occupied, then it will result in loss and can be set off from other income.

The bank will give a repayment certificate which will give breakup of principal and interest amount.

Bhagyashri

Bhagyashri (Querist)
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16 January 2012 the person has self occupied house & he has a housing loan & repaying it. With this he has paid extra money for repayment of loan. it is allowed for deduction?

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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16 January 2012 I am unable to understand your query. Kinldy explain in detail.

Bhagyashri

Bhagyashri (Querist)
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16 January 2012 he has extra paid other than his loan repayment. Its a prepayment of loan

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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16 January 2012 Yes, prepayment of loan shall be allowed as deduction.

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Bhagyashri