Housing loan interest principal
This query is : Resolved
11 May 2016
Dear Sir,
Why is housing loan principal repayment not allowed as a deduction u/s 80C when the concerned house property is a under construction property?
Why is housing loan principal repayment not allowed as a deduction u/s 80C when the concerned house property is a under construction property?
12 May 2016
Because at the time of construction of house property bank will reimbursement loan amount by regular installment. So after completion of House Property construction EMI will starts. Registration Fees and Stamp will be able to claim as deduction for under construction house property.
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12 May 2016
if read the section 80C
xviii) for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head “Income from house property” (or which would, if it had not been used for the assessee’s own residence, have been chargeable to tax under that head),
for taxibility of house under inocme from house property head it will be completed.
xviii) for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head “Income from house property” (or which would, if it had not been used for the assessee’s own residence, have been chargeable to tax under that head),
for taxibility of house under inocme from house property head it will be completed.
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