28 July 2009
My question is : Repayment of housing loan taken from LIC is paid in full and final dues before maturity, and LIC charge levy fees , Is it exempted under Interest charges . And other question is : The repayment is paid before maturity , is the whole amount is deductable under 80C or what extent. Please clarify me. Thanks.
28 July 2009
Repayment is allowed under section 80 C with upper limit of 1,00,000/-. So, u can claim the benefit only upto max of 1 lac.
Repayment made before maturity doesn't affect the benefit allowed. the extent is 1 lac only for pricipal repayment. for interest paid on loan, u can claim benefit u/s 24 b upto Rs 1.50 lac
CAclubindia
