Deduction u/s 80C
lokesh agrawal (142 Points)
17 June 2018
Repayment of interest and principle of housing loan are eligible of deduction u/s 80c. when???
14 Replies
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 17 June 2018
principal is eligible for Deduction u/s 80C
For interest you can claim loss under house property
For interest you can claim loss under house property
lokesh agrawal
(142 Points)
Replied 17 June 2018
if we take loan for 15 years and principal and interest payment are made by me for 15 years so we can claim deduction for all the 15 years or less or how much amount??
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 17 June 2018
you can claim Deduction for the current year and not of the previous year.
kindly refer https://cleartax.in/s/house-property
kindly refer https://cleartax.in/s/house-property
CA S Praveen Kumar Reddy
(Chartered Accountant)
(2195 Points)
Replied 17 June 2018
principal is eligible for Deduction u/s 80C
For interest you can claim loss under house property upto 200000
For interest you can claim loss under house property upto 200000
lokesh agrawal
(142 Points)
Replied 17 June 2018
I m not clear from above reply. please evaluate the same for further clearance.
CA S Praveen Kumar Reddy
(Chartered Accountant)
(2195 Points)
Replied 17 June 2018
Interest u can claim only 200000 in a year
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 17 June 2018
Are you paying the 15 years principal & Interest in a single year or it is spread over 15 years?
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 17 June 2018
Than claim Deduction each year,
kindly ask the bank to provide bifurcation between interest & principal repayment during each FY at each year end
kindly ask the bank to provide bifurcation between interest & principal repayment during each FY at each year end
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 17 June 2018
Most Welcome Lokesh Ji
rama krishnan
(12239 Points)
Replied 17 June 2018
claim principal repayment under 80c and interest amount (up to 200000 for self occupied property) and unlimited for let out property under 24(b)
Jatin
(Accountant)
(3479 Points)
Replied 17 June 2018
You can claim deduction of principal payment of housing loan under section 80C up to Rs. 1,50,000.00
You can't claim deduction of interest payment of housing loan under section 80C, However you can claim deduction of interest payment of housing loan under section 24(b) up to Rs. 2,00,000.00 if self occupied property, if rented property no limit
You can't claim deduction of interest payment of housing loan under section 80C, However you can claim deduction of interest payment of housing loan under section 24(b) up to Rs. 2,00,000.00 if self occupied property, if rented property no limit
Akanksha Kusum Ashok
(LL.B Student)
(11 Points)
Replied 28 June 2018
Repayment of Principal Amount of a loan is deductible under Section 80C only for residential purpose and not for commercial purpose. The deduction available under Section 80C, 80CCC and Sub Section (1) of section 80CCD shall not, in any case, exceed one lakh and fifty thousand rupees.
Whereas,
To claim the Rs. 2 lakhs rebate on Interest on Home loan;
a. The home loan must be for purchase and construction of a new property b. The loan must be taken on or after 1 April 1999 c. The purchase or construction must be completed within 3 years from the end of the financial year in which the loan was taken.
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