Income tax deduction

This query is : Resolved

Querist : Anonymous

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

Anand Modi

Anand Modi (Expert)
Follow

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/-.