Deduction u/s 80c
This query is : Resolved
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?
if yes how to bifurcate the amount in this two part?
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.
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.
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?
16 January 2012
I am unable to understand your query. Kinldy explain in detail.
16 January 2012
he has extra paid other than his loan repayment. Its a prepayment of loan
16 January 2012
Yes, prepayment of loan shall be allowed as deduction.
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16 January 2012
full amount u/s 80c under which head?
16 January 2012
Obtain a breakup from the bank.
16 January 2012
ONLY FOR LOAN PRINCIPAL AMOUNT GOING TO DEDUCT U/S 80C
AND HOUSING LOAN INTERST DEDUCT U/S 24a INDIVIDUAL MAXIMUM RELIEF 150000/-
AND HOUSING LOAN INTERST DEDUCT U/S 24a INDIVIDUAL MAXIMUM RELIEF 150000/-
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