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80 C Deduciton

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 January 2011 Mr x has taken housing loan for following purpose:
1) Construction - Rs 4,00,000
2) Repairs - Rs 3,00,000

For F.Y. 2010-11, he paid Rs 50,000 principal repayment for both construction and repairs.

How much deduction will he get u/s 80C ?

Will he get deduction u/s 80C for both construction and repairs ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
26 January 2011 80C is restricted to loan taken for "purchase or construction" of a residential house.
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Ramasubbu K

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Ramasubbu K (Expert)
26 January 2011 80C deduction is available only for principal repayment of loan availed fro purchase and construction of house.
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Querist : Anonymous

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Querist : Anonymous (Querist)
26 January 2011 Thanks sir...

it means that mr. x will get following amount of exemption:-

50,000*(400,000/7,00,000)
=28,571

Am I correct ?
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Guest

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Guest (Expert)
28 January 2011 But how the loan can be taken for a property for construction as well as repairs at a time ?
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