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?
2 Replies
K V Subba Rao
(Service)
(2708 Points)
Replied 01 December 2007
Yes. There is no restriction as to the number of houses for claiming Deduction u/s 80-C towards repayment of Principal for Housing Loan.
You may visit https://www.apnaloan.com/taxtips/home-loan-india/deductiononmorethanoneproperty.html
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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