Hi
Is there any limit for exemption of Housing loan principal amount
shall we take Rs.100,000/- maxmimum under 80C
Please clarify
thanks
narender
8 Replies
CA.Nikhil Gupta
(PRACTICE)
(768 Points)
Replied 20 June 2009
Pricipal repayment is allowable deuction under section 80 C which has a limit of Rs 1 lac presently.
So, one can take the deduction on housing loan principal repayment max upto 1 lac only.
For intreset repayment, u can refer section 24 b of Income Tax Act.
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 20 June 2009
YES U CAN TAKE 1lAKH PRINCIPLE PAYMENT OF HOUSING LOAN UNDER SEC 80C
NO PROB.
Amey
(Service)
(137 Points)
Replied 20 June 2009
The maximum amount of exemption for housing loan is Rs. 1 lakh. This exemption forms part of 80C so the overall milit of 80C is a limit for housing loan principal also. Hope in next month's budget 80C limit is increased!
Bhagwat Prasad
(Services )
(23 Points)
Replied 20 June 2009
thanx dear all member this infomation is very ues full
MAHENDRA KUMAR BAGRECHA
(FCA)
(1402 Points)
Replied 20 June 2009
Yes, upto Rs.1 lacs you can claim deduction of housing loan principle u/s 80C
Ajay Kumar Rai
(Chartered Accountants)
(89 Points)
Replied 20 June 2009
Yes, Rs.1,00,000 is allowed u/s 80 C and Interest on Loan is allowed under House Property Income.
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