There is only PRINCIPAL AMOUNT is allowed U/S 80C NO intres on houshing loan is allowed U/S 80C (NEVER)
Excess interest disallowed u/s 24 is not deductible under 80c only PRINCIPAL REPAYMENT is deductibe under 80C interest and principal are two different things..
Agree with other members
Interest portion is not allowable under 80C - While computing Income from House Property almost all types of interest can be deducted (need not necessarly be on a loan from bank). Only in the case of self occupied property there is a limit of Rs 1.5 Lakhs to limit the maximum loss that can be claimed because Annual Value is taken as Nil.
Thank you
thnx roshan for making it clear in a nice way :)
Mr. Smit - is it your first house or second?
but if house is not in possession but an indivisual paid intt. of housing loan than also we claim deduction or not?
possession does not matter because housing loan intt. started when the payment done to the second party... so assessee claim the deduction for the intt paid to the bank
CAclubindia
