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80C Claim
home loan from bank, construction is not complete as on 31-03-2018. Repayment to home loan liable to 80c deduction. urgently reply required. please reply.
Replies (4)
Principal repayment of home loan can be claimed under 80C.
Interest repayment is also allowed u/s 24.
Preconstruction Interest can be claimed u/s 24 only after the completion in equal instalments in next 5 years after the completion.
Interest repayment is also allowed u/s 24.
Preconstruction Interest can be claimed u/s 24 only after the completion in equal instalments in next 5 years after the completion.
My question is house is not construction fy 2017-18,so deemed income not chargeable under house property income, main condition under section 80c icome liable under house property income. So my view I am not liable under section 80c, I am right or not, Please advice
Yes. The principal repayment can be claimed u/s 80C only after the completion of construction since the under construction property cannot be chargeable to tax under the head "Income from House Property".
no deduction unless house is constructed.. go for 80GG if u are not receiving HRA and paying rent for any other property in which u r living at Present
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