Deduction u/s 80c for repayment of housing loan
This query is : Resolved
CA Vishvesh Shah
(Querist)
09 August 2016
One of our client has owns two house property. The new property has been purchased during the F.Y. 2015-16 & the housing loan for the same is taken. Now, while preparing ITR for F.Y. 2015-16, the older property was considered as Self occupied property & new property was considered as deemed let out property.
Now, the question is, whether principal amount repayment towards the housing loan for the deemed let out property is deductible u/s 80C or not.
Now, the question is, whether principal amount repayment towards the housing loan for the deemed let out property is deductible u/s 80C or not.
10 August 2016
The deduction will be available as it does not depend upon the status of the property whether it is actually let out or deemed to have been let out.
CA Vishvesh Shah
(Querist)
10 August 2016
@ CS Abhishek Goyal Sir,
If the client has already taken the deduction of interest under head house property & housing loan repayment u/s 80C in earlier years.
Now after break/gap of 2 years, second house purchased on loan, the deduction for the same is available or not ?
As section 80C(xviii), specifically provide, "a residential house property".
If the client has already taken the deduction of interest under head house property & housing loan repayment u/s 80C in earlier years.
Now after break/gap of 2 years, second house purchased on loan, the deduction for the same is available or not ?
As section 80C(xviii), specifically provide, "a residential house property".
10 August 2016
See, 'a residential house property' does not mean that it cannot be availed of in respect of second house loan since 'a' is just an article as per english grammer which is put before residential house property, it cannot be construed to mean that it means one house property only otherwise had been the intention of the legislation they would have specifically mentioned it as one instead of 'a'.
10 August 2016
As they have done in section 54 and 54F to suggest only one residential house property.
CA Vishvesh Shah
(Querist)
10 August 2016
Got it, sir.
Thank you very much for the quick reply.
Thank you very much for the quick reply.
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