Deduction u/s 80c

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Goongan (Querist)
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15 December 2011 Dear All,
Mr. X has two housing loan, payment made during the year 2010-11 are Housing loan I98,148/- (interest22,029 + principal76,119) and Housing loan II 15,636/- (interest4,245 + principal11,391). What deduction will allow U/S 80C and House property loss? It is noted that House is under construction? Whether only principal or principal & interest both will allow in deduction U/S 80C?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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15 December 2011 Principal repayment of housing loan is allowed as deduction under Section 80C.

Interest on housing loan is allowed as deduction under Income from House Property.

So, total interest will be allowed as deduction from Income from House Property and total repayment of principal amount will be allowed as deduction u/s 80C.

Your figures for loan 2 are incorrect in the query.

Goongan

Goongan (Querist)
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15 December 2011 Thanks ..........

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