Can an assessee claim deduction u/s 80C for repayment of any number of housing loans?
An assessee has claimed deduction for principal repayment of 2 loans taken for self occupied house and 1 loan on let out property. Is it allowed?
laxmi (student) (59 Points)
30 November 2007Can an assessee claim deduction u/s 80C for repayment of any number of housing loans?
An assessee has claimed deduction for principal repayment of 2 loans taken for self occupied house and 1 loan on let out property. Is it allowed?
K V Subba Rao
(Service)
(2708 Points)
Replied 01 December 2007
Hari Venkata Ramana
(M.Com, AICWA)
(124 Points)
Replied 19 April 2008
Further supplement to Sri subba Raos clarification, payment of principle is allowable under section 80 (C) up to a maximum of Rs. 1 lack.
For the purpose of Income from House Property, You may have to declare only one house as Self Occupied and others as let out and u should declare rent receved as income. It you have more amount on accoun of interest on borrowed capital, U can claim Rs. 1, 50,000/- limit in respect of only one house which is to be declared as Self Occupied. Others u have to declare as let out where other provisions like property tax, annual value etc., would come into picture.
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