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House Loan Principal Amount

21 June 2018

My House Loan Principal Amount Paid for 2017-18 is Rs.200000/.So,how much deduction can be claimed u/s-80C?(LIC Premium paid-Rs.25000/)

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185266 Points)
Replied 21 June 2018

Under section 80C aggregate of all such deductions......... Rs. 1.50 lakhs. (including LIC premium)

For interest deduction 2 lakhs u/s. 24(b) and .....additional interest Rs. 50K u/s. 80EE (if applicable) .....

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 21 June 2018

Yes... I agreed to Mr Dhirajlal Rambhia Sir...

U/s 80C Rs 1.50 Lakhs is available for deduction. Both (Lic & HL principal) are under same sec (80C).

And You can avail u/s 80EE if applicable...

CA S Praveen Kumar Reddy (Chartered Accountant) (2195 Points)
Replied 21 June 2018

Yes... I agreed to Mr Dhirajlal Rambhia Sir...

Pravin Purohit (79 Points)
Replied 21 June 2018

You can take deduction of principle amount paid u/s 80c upto maximum 1.5 lacs. Additionally you can also take deduction of the INTEREST portion of your loan repayment U/S 24B of house property.