Repayment of loan against pf- 80 c ded
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 January 2012
Can repayment of loan from PF be considered as contribution eligible for 80C deduction under IT Act?
CA PARAS BAFNA
(Expert)
27 January 2012
PERSONAL LOAN IS NOT COVERED U/S 80C.
ONLY HOUSING LOAN REPAYMENT IS DEDUCTIOBLE U/S 80C.
ONLY HOUSING LOAN REPAYMENT IS DEDUCTIOBLE U/S 80C.
CA ASHISH GUPTA
(Expert)
27 January 2012
no, repayment of loan will not be eligible. There are two type of withdrawal from PF account, one is permanent (No repayment is required) and other, in which repayment is required. so make permanent withdrawal and your refilling will be treated as contribution in PF.
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