CA SANJAY TALWAR (Job) (222 Points)
24 December 2009
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 24 December 2009
| Originally posted by : lucky | ||
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HI EVERYONE, REPAYMENT OF HOUSING LOAN (PRINCIPAL AMOUNT) IS ELIGIBLE FOR DEDUCTION UNDER SECTION 80-C, EVEN CONSTRUCTION IS COMPLETED OR NOT. IS THIS RIGHT (DATE OF COMPLECTION OF CONSTUCTION DOES'NT MATTER) PLZ COMMENT ?????????????? |
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Mr. Mukesh Rawal, Pls Check .........There is No Relevancy For Construction.
Ya.. Deduction is Allowed under Section 80C , Even Construction is not Completed.
But Interest paid allowed Only After Construction completed Unser Sec 24(B)
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 24 December 2009
Ofcoarse its allowed... Coz construction does take time... And so, all th principal amount paid for such construction (though not completed) are eligible for deduction
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 24 December 2009
Repayment of principal portion of outstanding loan is allowed under 80C whether or not construction of the property is completed. Further, construction of property does not have any relevance to claim deduction under chapter VIA
NARENDER PAWAR
(CA final Student)
(337 Points)
Replied 24 December 2009
YES DEDUCTION U/S 80C IS ALLOWED ON REPAYMENT OF HOUSING LOAN EVEN IF HOUSE NOT CONSTRUCTED.
CA SANJAY TALWAR
(Job)
(222 Points)
Replied 25 December 2009
YES. MUKUSH RAWAL. YOU ARE RIGHT. I CLEAR THIS DOUBT FROM ICAI PCC MAY 2008 SUGGESTED ANSWERS. THANKS MR. RAWAL
C.Balaji
(Learner)
(1867 Points)
Replied 26 December 2009
repayment of housing loan principal - deduction is allowed only if the construction is complete... pre construction principal is not allowed u/s 80c but pre construction interest is allowed u/s24
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
