Prepayment of housing loan

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Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2013 Is Prepayment of Housing Loan allowed as deduction under income tax act?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

06 April 2013 Yes, principle payment allowable under section 80C and interest repayment allowable under section 24(b). And in case if any pre-closure charges collected by the bank then such pre-closure charges doesn't allowable as deduction under income tax act.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2013 I am asking about prepayment of loan and not pre-closure charges.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

06 April 2013 I.e you mean pre-payment means paying of instalments in advance. Yes, it also eligible for deductions.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2013 Under which section?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

06 April 2013 Principle amount under section 80C and in case of any interest portion then section 24(b) for such interest amount.

OM SAI SRI SAI JAI JAI SAI

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