Pre-payment of Housing Loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 December 2010
I wish to make part pre-payment of hosusing loan.
What would be the tax implications?
Is it feasible to prepay the loan?
Please advise.
What would be the tax implications?
Is it feasible to prepay the loan?
Please advise.
24 December 2010
No tax implication, You will get principal amount deduction u/s 80C and Intt up to Rs. 1.50 lakhs.
26 December 2010
You can make part pre-payment as advised by CA SK Bhagat.
If you are in the tax brackets and desire to maintain the limit of Rs 100000/ for Section 80C benefits also, then limit your prepayment so as not to exceed the limit. This you can do by postponing the balance pre-payments till April 2011.
If you are in the tax brackets and desire to maintain the limit of Rs 100000/ for Section 80C benefits also, then limit your prepayment so as not to exceed the limit. This you can do by postponing the balance pre-payments till April 2011.
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