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Deduction u/s. 8o-c repayment of housing loan

priya (article) (154 Points)

25 July 2011

IS REPAYMENT OF LOAN RAISED ON LET OUT HOUSE PROPERTY ELIGIBLE FOR DEDUCTION U/S. 80C?

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12 Replies

VIJAYKUMAR (CHARTERED ACCOUNTANT) (203 Points)
Replied 25 July 2011

Yes the Principal Component of loan is eligible for deduction.

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CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
Replied 25 July 2011

yes, u can claim the deduction u/s 80c

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amit jain (Chartered Accountant) (532 Points)
Replied 25 July 2011

the principal component of loan amount repaid is eligible us 80c and interest under house property

Shah Tarun (Student) (800 Points)
Replied 25 July 2011

`Yes,To claim deduction u/s 80C,Ownership is pre-condition,It does not matter whether it is S`elf Occupied or Let Out..

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Souvik Kumar Ghosh (CA Final) (1368 Points)
Replied 25 July 2011

The principal component of loan amount repaid is eligible us 80c and interest under house property.

M. N. JHA (CA) (8316 Points)
Replied 25 July 2011

Originally posted by : Shah Tarun
	Yes,To claim deduction u/s 80C,Ownership is pre-condition,It does not matter whether it is Self Occupied or Let Out..

(Guest)

Yes you can claim deduction u/s 80c for the principal amt. of loan.

Srihari Manipatruni (student) (147 Points)
Replied 26 July 2011

Yes the Principal Component of loan can be claimed as deduction..

Pawan (Manager) (22 Points)
Replied 26 July 2011

Hi,

I wanted to know I'm filing the ITR 1 for myself. I've taken a home loan where do i put in the repayment & the interest component as the form doesnt give Sec 24. What should i do. In 80C i'm putting my LIC premium, ULIP,PF & Repayment of principal component of my homeloan.

What about the interest component how should i put it in the form??

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Yash Sharma (CA - FINAL) (138 Points)
Replied 26 July 2011

yes , principal amount repaid can be claim upto Rs.1 lakh u/s 80 C and interest in case of let out can be claimed to any amount ( limit of Rs. 1.5 lakh ) is not applicable .