Deduction of installment from total income..

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2012 Someone guide me that in ITR-1 which amount of LIC Housing Loan is shown whether its Principal Amount or Interest Amount to deduct instalment of housing loan from total income????

Please answer me..

thanking you..

Mohit Naithani

Mohit Naithani (Expert)
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21 July 2012 Total repayment home loan amount (Principal) is allow to deduct u/s 80c if loan is taken from govt bank or authorised financial institution (LIC is authorised Financial Institution hence whole amount of repaid or repayable principal is allow to deduct on accrual basis...........
But Interest on such loan is allow to deduct u/s 24 upto Rs 30000 if house is self occupied.
and Upto Rs 150000/- if house is Let Out in Previous Year (certain exception are there)....

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Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2012 its mean that Principal + Interest will be deducted from total income along with investment..

(Principal amount+Interest+Lic Premium+ Investment under 80-D (CGHS)????

SANYAM ARORA

SANYAM ARORA (Expert)
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21 July 2012 If you have taken Home Loan from FI'S, then Repayment of loan will be allowed as Deduction U/S 80C

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Mohit Naithani

Mohit Naithani (Expert)
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21 July 2012 Principal + LIC is allow for deduction u/s 80C, Interest is allow to deduct u/s 24 from income from house property. Investment u/s 80D upto Rs 15000/- (medical Premium etc) but Deposit in capital gain scheme a/c is only allow to deduct from Capital gain in P.Y..

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