CA Smit Shah (B.Com, M.Com, C.A) (759 Points)
19 July 2012
Chandan kumar
(B.Com. (H) & CA FINAL and intrested to learn new thing)
(263 Points)
Replied 19 July 2012
There is only PRINCIPAL AMOUNT is allowed U/S 80C NO intres on houshing loan is allowed U/S 80C (NEVER)
Veeresh Aggarwal
(CA Final)
(36 Points)
Replied 19 July 2012
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..
Roshan Thomas
(C.E.O )
(356 Points)
Replied 19 July 2012
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
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 19 July 2012
thnx roshan for making it clear in a nice way :)
CA Smit Shah
(B.Com, M.Com, C.A)
(759 Points)
Replied 19 July 2012
Varshit Shah
(Self Employed)
(676 Points)
Replied 19 July 2012
Mr. Smit - is it your first house or second?
Ashish Jain
(CA FINAL STUDENT)
(81 Points)
Replied 19 July 2012
but if house is not in possession but an indivisual paid intt. of housing loan than also we claim deduction or not?
Harshit Kumar Bansal
(Chartered Accountant)
(47 Points)
Replied 10 August 2012
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
