Deduction u/s 80gg
This query is : Resolved
10 August 2014
please any one confirm me, i have taken a housing loan which is presently under construction and i am getting the it benefit in respect of loan repayment principal and interest there on. at the same time i am residing in a rented house, so whether i can get the benefit of section 80GG.
10 August 2014
1) If the property is under construction, you are not eligible to claim interest and principal repaid under section 24(b) and 80C(2)(xvii) of the Income tax Act,1961.
2) Since you have claimed it,though wrongly, the exchequer presumes that a residential accommodation is owned by you ,which prevents you to claim deduction under section 80GG of the above said act.
2) Since you have claimed it,though wrongly, the exchequer presumes that a residential accommodation is owned by you ,which prevents you to claim deduction under section 80GG of the above said act.
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