Deduction u/s 80c

This query is : Resolved

Bhagyashri (Querist)
Follow

16 January 2012 Prepayment of housing loan is allowable u/s 80c & Housing loan interest?
if yes how to bifurcate the amount in this two part?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

16 January 2012 Repayment of principal amount of housing loan is allowed as deduction u/s 80C.

Repayment of interest on housing loan is allowed as deduction under the head Income from House Propery.

If the house property is self occupied, then it will result in loss and can be set off from other income.

The bank will give a repayment certificate which will give breakup of principal and interest amount.

Bhagyashri

Bhagyashri (Querist)
Follow

16 January 2012 the person has self occupied house & he has a housing loan & repaying it. With this he has paid extra money for repayment of loan. it is allowed for deduction?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

16 January 2012 I am unable to understand your query. Kinldy explain in detail.

Bhagyashri

Bhagyashri (Querist)
Follow

16 January 2012 he has extra paid other than his loan repayment. Its a prepayment of loan

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

16 January 2012 Yes, prepayment of loan shall be allowed as deduction.

Message likes : 1 times

Bhagyashri

Bhagyashri (Querist)
Follow

16 January 2012 full amount u/s 80c under which head?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

16 January 2012 Obtain a breakup from the bank.

Nayan Das

Nayan Das (Expert)
Follow

16 January 2012 ONLY FOR LOAN PRINCIPAL AMOUNT GOING TO DEDUCT U/S 80C
AND HOUSING LOAN INTERST DEDUCT U/S 24a INDIVIDUAL MAXIMUM RELIEF 150000/-

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Deduction u/s 80c

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA