CA Hardik Bunha
(self)
(2121 Points)
Replied 10 February 2015
u will not eligible for interest u/s 24(b) as well as U/s 80C benefits.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 28 February 2015
Hello,
Not agree with hardik
Prepayment of principal qualifies as a deduction under Sec 80C and hence for someone who is not utilizing the total deduction of Rs 1.5 lac, this would be useful.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 28 February 2015
As per section 80c:
80C (xviii) for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head "Income from house property" (or which would, if it had not been used for the assessee's own residence, have been chargeable to tax under that head), where such payments are made towards or by way of-
a)....
b)....
c) repayment of the amount borrowed by the assessee
There is no specification that the amount should be due to the bank / financial institution and thus assessee would be eligible to claim deduction u/s 80C on pre payment of housing loan.
CA Hardik Bunha
(self)
(2121 Points)
Replied 19 March 2015
Mr.Vishal Goel
agar ap loan hi repayment kar dete hai to u/s 80c me kese claim hoga.
CAclubindia
