Hi
Can we deduct two housing loan principal repayment for the same property under 80C? The first loan was taken for constrution of ground floor which is self occupied. Second loan was taken to construct first floor which is let out.
3 Replies
Anshul Jain
(Article)
(33 Points)
Replied 09 March 2012
As per Sec. 80C any payment for construction / cost of purchase of Residential Property ,including Repayment of principal amount( not interest as it is deductible under the head House Property) taken from Bank, govt., cooperative society etc. is dedectible . hence loan for ground floor which is self occupied is deductible and another loan taken for 1st Floor which is Let - Out is not subject to Deduction under this Section.
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 09 March 2012
Ms.Indhumathi
Yes. Deduction u/s 80C can be claimed for two different housing loans provided that the conditions laid down in Section 80C(2)(xviii) are fulfilled subject to the over all limit laid down in that section.
Best Wishes
Sathikonda
Anooj
(Chartered Accountant)
(2130 Points)
Replied 10 March 2012
| Originally posted by : sathikonda | ||
 |
Ms.Indhumathi Yes. Deduction u/s 80C can be claimed for two different housing loans provided that the conditions laid down in Section 80C(2)(xviii) are fulfilled subject to the over all limit laid down in that section. Best Wishes Sathikonda |
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