29 May 2008
Section 80-C permits the deduction for the payment of the amount (including the repayment of the principal component in the Housing loan from the specified persons) towards the purchase/construction of the House property. The query is whether this deduction for the repayment towards the principal amount is available even if the possession of the property is not obtained during the Previous year? Unlike for the deduction of the interest on the housing loan u/s 24 of the Income Tax Act which allows deduction in two parts (pre-construction and post construction) means the date of possession is relevant.
29 May 2008
The owner only can claim deduction u/s 24 & 80 C. An assessee can become owner if he get his possession so an assessee cant claim deduction
30 May 2008
if the assessee has got the title deed registered in his name . he can claim deduction u/s 80c.it has nothing to do with possession of propery . possession matters in case of property covered u/s 53a of transfer of property act
30 May 2008
possession is important for claimimg loan benefits. even if assessee has not got it registered in his name, he can claim exemption after taking possession.
CAclubindia
