Housing Loan Interest

This query is : Resolved

Guest

Guest (Querist)

02 September 2008 Can deduction under section 80C allowable on housing loan interest as the person having loan is paying interest continously and dont have possession after two years. Should I give him the benefit U/s 80c or it will be applicable after two years

Thanks

Ragards
Rajesh

Jitender

Jitender (Expert)
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02 September 2008 benefit of intt is taken in sec 24 & not in 80C & benefit is available after possession.

Guest

Guest (Querist)

02 September 2008 Sec 24 is related to house property

If that person have only salary income then what should do?

Sec 80c covers Interst paid on housing loan and it is applicable only on salary.

As concern to your reply i think he can't get any deducton till possession.

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SANDEEP AGGARWAL

SANDEEP AGGARWAL (Expert)
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05 September 2008 Sec 80-C does not cover interest on house property. It only cover principal repayment. For interest he has to calculate income/loss from house property and can set off against salary income.

Regards,
CA. Sandeep Aggarwal