REPAYMENT OF PRINCIPAL ON HOUSING LOAN

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This query is : Resolved

HEMENDRA KUMAR VARSHNEY (Querist)

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.

Thanks.

Hemendra

HEMENDRA KUMAR VARSHNEY

HEMENDRA KUMAR VARSHNEY (Querist)

29 May 2008 Grateful if the reply is marked on my ID as well varshneyhk@yahoo.com

Shekar

Shekar (Expert)

29 May 2008 Hi...
Until you take possession, you can’t claim deduction under 80C

Gayathri Devi

Gayathri Devi (Expert)

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

HEMENDRA KUMAR VARSHNEY

HEMENDRA KUMAR VARSHNEY (Querist)

29 May 2008 open

HEMENDRA KUMAR VARSHNEY

HEMENDRA KUMAR VARSHNEY (Querist)

29 May 2008 .

yogeshwar

yogeshwar (Expert)

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

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)

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.