HI,
WHETHER SIMPLE INTEREST PAID ON PREPAYMENT OF HOUSING LOAN & ALSO THE PRINCIPAL AMT PAID IS
ELIGIBLE FOR DEDUCTION UNDER THE PROVISIONS OF THE INCOME TAX ACT,1961??(LET OUT PROPERTY)
what if the property is a SOP/DLOP??
hope i will get a response soon...............
thx
Self Occupied Property
Deemed Let Out Property
sec 24b is applicable to interest of loans taken for all types of house property,
yes you can claim interest u/s 24b in income from house property and you can take deduction u/s 80c of principle payment upto Rs 100000 (including 80c, 80ccd etc)
AGREE WITH ABOVE
In both cases, self occupied or let out property, Principal repayment can be claimed as deduction u/s 80C subject to a maximum of Rs 100000
However for interest following provision has to be observed
Self occupied- Maximum deduction of Rs 150000 ( If the loan is taken for construction or acquisition) and Rs 30000 ( If the loan is taken for Repairs or renewl)
Let out Property- The entire interest amount can be claimed as deduction.
| Originally posted by : Siddharth Bumb | ||
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yes you can claim interest u/s 24b in income from house property and you can take deduction u/s 80c of principle payment upto100000 (including 80c, 80ccd etc) |
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agree...
CAclubindia
