House loan repayment dedution
This query is : Resolved
29 July 2014
I have taken a loan from LIC housing finance, and then i have taken a another loan from PNB housing finance and repay the entire loan of LIC.
Can i claim deduction of repayment of LIC loan.
Can i claim deduction of repayment of LIC loan.
CA SUNIL K GARG
(Expert)
29 July 2014
u will get deduction on intt paid on loan taken from PNB housing and Lic housing finance u/s 24 if loan from PNB has been taken to repay LIC loan .
regarding repaymnet u/s 80 c , u will get the deduction for that part of pricipal repayment made to LIC and PNB housing fianance only and not on the total reapyment.
regarding repaymnet u/s 80 c , u will get the deduction for that part of pricipal repayment made to LIC and PNB housing fianance only and not on the total reapyment.
Sandeep Dharar
(Expert)
29 July 2014
Yes u can take it under 80C. U can also visit following site:-
https://www.caclubindia.com/articles/details.asp?mod_id=21161#.U9dUMUDRZUk
https://www.caclubindia.com/articles/details.asp?mod_id=21161#.U9dUMUDRZUk
29 July 2014
Finally i can claim deduction of the entire amount of LIC loan repayment u/s 80 subject to maximum limit. which payment is made by a new loan from PNB housing finance.
CA SUNIL K GARG
(Expert)
29 July 2014
NO , ACCODING TO ME , ONLY PRICIPLAL AMOUNT INCLUDED IN EMI PAID TO LIC HOUSING AND PNB HOUSING CAN BE CLAIMED. IT IS CASE TAKEOVER THE LOAN OF LIC HOUSING BY PNB HOUSING.
Nikhil Kaushik
(Expert)
30 July 2014
Lalit, its your loss only. I believe garg bhai is right in his opinion.
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