Principal & interest payment on housing loan

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Swapnil (Querist)
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30 March 2019 Hi

How much benefit of Principal & Interest payment on Housing Loan is available resident individual.

Also pls advise if these benefits get reversed in subsequent years if house property is sold

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 April 2019 Depending upon the fact whether the property is let out (whole interest amount) or self occupied (max. interest 200000, or actual interest payable on accrual basis)) is allowable. Maximum amount is 150000/- or amount actually repaid towards the principal, whichever is less, is allowable.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 April 2019 If the house property in question is purchased on 31.03.2013, the benefits in relation to principal repayment, registration fee etc, will not go away if the same is sold today i.e. on 01.04.2019 or afterwards. If it is sold earlier, these benefits will be reversed and added to the total income of the relevant previous year, in which the house is transferred. Section 80C(5)(iii)

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