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Income tax deduction

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 February 2013 a house is under construction & payment is made towards loan taken for house. tell me whether deuction can claim for loan payment amount & tell me the section wise detail
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Anand Modi

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Anand Modi (Expert)
22 February 2013 You can claim deduction u/s 80C of the Principal amount paid towards instalment of housing loan.

For claiming deduction of interest there are two ways:

1. you can claim interest paid u/s 80C.

OR

2. You can claim interest expenses u/s 24 once the property is constructed in 5 years instalment. However interest per year should not exceed 150000/-.
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Durgesh Joglekar

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Durgesh Joglekar (Expert)
22 February 2013 Agree with expert Anand
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