House Property & 80C

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CA Ankit Verma (Querist)
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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??

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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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.

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CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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27 January 2009 Your third option is correct. And both are allowed on payment basis only.

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