nitin suvarna (C.A FINAL) (828 Points)
12 July 2011HI,
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
Palash Gupta
(Student...Hoping to pass Inter)
(892 Points)
Replied 12 July 2011
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 12 July 2011
Self Occupied Property
Deemed Let Out Property
sec 24b is applicable to interest of loans taken for all types of house property,
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 13 July 2011
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)
CA Aditya Modi
(Associate Manager)
(159 Points)
Replied 13 July 2011
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.
Vikas
(CA)
(1135 Points)
Replied 13 July 2011
| Originally posted by : Siddharth Bumb | ||
 |
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) |
 |
agree...
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