Benefit u/s 80-C Principal on Hsg Loan

Rajan (Service) (157 Points)

28 June 2008  
To,
Respected All,
 
Please answer my query.
 
Under Section 24(i) an assessee can claim interest on Housing Loan Insterest and Principal on Borrowed Capital can be claimed under Section 80-C as under.
 
Query No.1:
a) In Case SOP     Interest max. Rs.1.50 lacs
                            Principal max Rs.1.00 lac
 
b) In Case LOP Let out:
                         Interest max. NO Ceiling
                         Principal       ????
Can the Principal under Section 80-C be claimed for Let out Property?
 
Query No.2:
Can an asseessee claim Principal on Housing Loan under Sect 80-C one more than one Residential House. (e.g. if a housing loan is repaid fully and availed the benefit of Section 80-C, now for new loan for another house property can he claim the principal on Hsg. Loan under 80-C?
 
Query No. 3
 
Can an assessee claim principal on Housing Loan under Section 80-C for loan taken for repairs and renovation after the completion of construction?
 
Please reply to my qureries.
 
Thanking you in advance to all for reading my quries.
 
Rajan Kumar