Housing loan interest & principal deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2016
a person pays housing loan instalment of Rs. 25000 per month i.e. Rs. 300000/- during the f. y. 2015-16
interest portion is Rs. 230000/-
principal portion is Rs. 70000/-
House is not completed during the f.y. 2015-16
Can he get deduction for principal portion u/s 80 C
interest portion is Rs. 230000/-
principal portion is Rs. 70000/-
House is not completed during the f.y. 2015-16
Can he get deduction for principal portion u/s 80 C
KAVIRAJA ADDANGADI
(Expert)
09 March 2016
Tax deduction u/s 80C not eligible for principal portion under construction. Relevant clause u/s 80C (2) (xviii) for purpose of purchase or construction of residential house property income from which chargeable to tax under the head income from house property.
10 March 2016
Agreed with kaviraj above reply....................
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