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80c repayment of housing loan

Jagdish (Article) (123 Points)

11 July 2013

Assessee has repaid housing loan of Rs. 10,00,000/- in f.y. 2012-13 by selling the concerned house.

whether Rs. 10,00,000/- is deductible u/s 80c?

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7 Replies

ANSHUL AGARWAL (STUDENT) (141 Points)
Replied 11 July 2013

80C has a ceiling limit of Rs. 1,00,000/- only.

Whatever may be the conditions

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CA. Kunal Lakhotia (ACA) (1006 Points)
Replied 12 July 2013

yes only 1,00,000/- and not 10,00,000/-

Akshata (CA Final ) (324 Points)
Replied 12 July 2013

only principle part of the loan shall be allowed in 80c and its limit is 1lac..

Revanth (Job) (145 Points)
Replied 12 July 2013

Yes, the limit of SEc 80C is only upto Rs.1,00,000/-

Bhav Bhuti Sharma (Towards Professionalism ) (823 Points)
Replied 12 July 2013

100000 limit yet not govt allowed 10,00,000

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C.A. Jignesh N. Mehta (C.A.) (1030 Points)
Replied 13 July 2013

agree with all - its restricted to 100000

Asgarali Attarwala (Advocate) (49 Points)
Replied 14 July 2013

Dear Freinds

This 100000/- payment which the assessee has made in the year 2012-13 may also would cover the interest portion along with the principal, and so along with the principal of Rs. 100000/- that is allowed under 80C you are also eligbale for interest paid under section 24.

So it is not only 100000/- under 80C that is allowed, but 100000/- under 80C + interest under 24 that you have to consider out of the 1000000/- paid when filing your return.

I hope every one agrees with me and correct me if i am wrong.

Assessee has repaid housing loan of Rs. 10,00,000/- in f.y. 2012-13 by selling the concerned house. whether Rs. 10,00,000/- is deductible u/s 80c?

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