If we repay housing loan amount before dues, (Eg. as on date balance is Rs. 1.30 L which we have to pay in next 6 years, but close today by paying 1.30 L) can we claim this principle amount u/s 80C
3 Replies
(Guest)
Yes, as per sec. 80C the prepayment of housing Loan is also allowed as dedcution for the assessment relevant to the previous year in which you have made prepayment (i.e. forclosure of loan). However, the maximum deduction is limited to Rs .1 lac only which is sec. 80C max. limit.
Therefore, In your case Rs. 30 thousand wil not be allowed as deduction u/s 80C.
Thanks.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 21 September 2011
yes it should be allowed
Recent Topics
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
Related Threads
CAclubindia
