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Housing principle

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(Querist)
23 November 2011 I am constructing house on my own land for that I am taking loan from bank & use my own funds also. For using my own funds can I get the exemption under section 80c as principle amount.
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Sanjana

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Sanjana (Expert)
23 November 2011 No...you cannot claim deduction under Section 80C for using your own funds for the construction of your house.

Only amount of principal repaid on Loan taken can be taken as a deduction u/s 80C
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CA AYUSH AGRAWAL

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CA AYUSH AGRAWAL (Expert)
23 November 2011 Sanjana is Right.
U Cant Use
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