Deduction u/s 80 C for Principal amount of Housing Loan
This query is : Resolved
15 September 2009
Hi,
If any assessee has paid principal amount of Housing loan taken from Bank, but the House is not possessed yet, by the assessee. Can assessee take the benefits of Section 80C? Is there any condition relating to Possession of House property for availment of benefits of Section 80C??
With Regards,
Dipendra Panta.
If any assessee has paid principal amount of Housing loan taken from Bank, but the House is not possessed yet, by the assessee. Can assessee take the benefits of Section 80C? Is there any condition relating to Possession of House property for availment of benefits of Section 80C??
With Regards,
Dipendra Panta.
15 September 2009
No.
Interest under the construction period can be claimed in 5 instalments from the year of completion
Interest under the construction period can be claimed in 5 instalments from the year of completion
15 September 2009
he can take deduction for principal repayment u/s 80C ,
Note that condition is house loan repaid, not house purchased/ construsted and house loan repaid
SO take deduction
Note that condition is house loan repaid, not house purchased/ construsted and house loan repaid
SO take deduction
15 September 2009
To get deduction for the principal portion of housing loan repaid under section 80C(xvi),one condition is the income from that house property, on which the loan is taken, is chargeable to tax under the head 'income from house property'. If that condition is to be fulfilled, necessarily the loanee should be the owner of the property. When does the loanee become the owner?. The house property should be completed and handed over to the loanee. Then when does the handing over is complete? It will be complete only when the loanee possesses the house property. So if the issue is viewed as above, I am afraid, the assessee may loose the benefit of section 80C of the Income tax act,1961.
To get deduction for the principal portion of housing loan repaid under section 80C(xvi),one condition is the income from that house property, on which the loan is taken, is chargeable to tax under the head 'income from house property'. If that condition is to be fulfilled, necessarily the loanee should be the owner of the property. When does the loanee become the owner?. The house property should be completed and handed over to the loanee. Then when does the handing over is complete? It will be complete only when the loanee possesses the house property. So if the issue is viewed as above, I am afraid, the assessee may loose the benefit of section 80C of the Income tax act,1961.
Message likes :
2 times
15 September 2009
Agree With B.Chackrapani Sir, Deduction not allowed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Error in uploading Form 10BD
- Banking Related Issue
- Difff in ais receipts and gst turnover
- Loss of interest in PF transfer from EPFO to Trust
- ITR-3 File/Error Found
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Gst on travel by air for business purposes
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
