Enquiry for itr 1

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 July 2014 A person has taken Home Loan, paying EMI, CAN I show total emi amount in 80C,

loan is 810000, total emi is 74000/-

loan has taken in January 2013 so Sec 80EE is not applicable, please suggest

Sandeep Dharar

Sandeep Dharar (Expert)
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03 July 2014 U can show the EMI(Principal excluding interest) amount in 80C. But the maximum deduction allowed under that section is 1L. Interest can b claimed u/s 24B in Income from House Property.

Ganeshbabu K

Ganeshbabu K (Expert)
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03 July 2014 No, cannot
.
.
EMI payment includes principle repayment and also interest payment
.
.
Hence
.
1)Under 80C take total principal repayment done during relevant financial year

2)Total interest paid is to be claimed under section 24b which will be available in INCOME from houseproperty sheet
.
.
3)80EE available only if loan was sanctioned during 1st april 2013 to 31.03.2014

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Rupesh Jain

Rupesh Jain (Expert)
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03 July 2014 you have bifurcate the principle and intt.
for that you can take interest certificate from bank.
rs. 150000/- for intt u/s 24(b) and Rs. 100000/- u/s 80EE you can claim if your loan amount upto Rs. 2500000/- and property residential value up to Rs. 40 lacs.

and principle upto Rs. 1 lacs you can claim u/s 80C

praveen

praveen (Expert)
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03 July 2014 You will first have to bifurcated the interest and principal portion... Show interest portion under loss from house property.. Principal will be allowed under section 80c subject to max limit of 100000