House Property & 80C
This query is : Resolved
26 January 2009
Q1)Interest paid on borrowed capital for purchasing/constructing a house is deductible u/s 24(b)(ii), but I want to ask that is it also allowed as deduction under Chapter VI-A, u/s 80C at the same time?
Q2)The wordings in 80C is that "ANY PAYMENT towards the cost of Pur/Construction..." so does that mean that even payment towards principle amount is deductible u/s 80C?
or
Q3) Is it that Interest is deductible u/s 24(b)(ii) and the Principle amount is allowed as deduction u/s 80C?
Please answer this doubt??
Q2)The wordings in 80C is that "ANY PAYMENT towards the cost of Pur/Construction..." so does that mean that even payment towards principle amount is deductible u/s 80C?
or
Q3) Is it that Interest is deductible u/s 24(b)(ii) and the Principle amount is allowed as deduction u/s 80C?
Please answer this doubt??
26 January 2009
Yes interest is deductiable under 24(b) (ii) and principal is deductiable under sec 80c.
By passing entries you cannot claim. Actual payment of interest and payment principle should have been made.
By passing entries you cannot claim. Actual payment of interest and payment principle should have been made.
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27 January 2009
Your third option is correct. And both are allowed on payment basis only.
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