80 C- Repayment of housing Loan

This query is : Resolved

CS Pravin Yadav (Querist)
Follow

29 June 2011 As i know principal amount of loan repaid can be claimed as deduction under 80C and pre construction period interest is claimed after construction or acquisition i.e. after calculating "Income from H P"

but my query is that if loan is taken and principal(Loan) amount is paid but house property is yet to be constructed.. or yet not acquired
So there is no "Income from House Property"

my question is that can i claim the principal amount under 80C
please.. tell me.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

29 June 2011 No. Since you have no house property, the income of which is chargeable to tax. Ref invited to section 80C(2)(xviii).

Pragnesh

Pragnesh (Expert)
Follow

29 June 2011 if the loan is taken for construction of house by self, then No its deductible after completion of house.

if the loan is obtained to buy from builder and its not yet completed, then NO. its deductible after completion of house.

Upgrade to CAclubindia Pro. Subscribe Now!

CS Pravin Yadav

CS Pravin Yadav (Querist)
Follow

01 July 2011 Can i claim repayment of loan (Housing)as deduction u/s 80C while calculating Total taxable income even my H P is still to be constructed?????
e.g
Loan Repayment 50000/- (principal)
Loan Interest 10000/-

There is no Income from house property as it is yet to be completely constructed

So i cant claim interst of Rs 10000

but can i claim the amount of 50000 ( repayment of Loan under 80c

Pragnesh

Pragnesh (Expert)
Follow

01 July 2011 no you can't claim repayment amount..