Whether housing loan interest and principal allowed on loan
This query is : Resolved
05 March 2013
Hello,
I would like to know if the Housing loan Interest and Principal repayment is exempt while the property is underconstruction and the possession is not yet taken.
whether it can be considered for deduction under the head Interest on Housing loan.
regards
pankaj
I would like to know if the Housing loan Interest and Principal repayment is exempt while the property is underconstruction and the possession is not yet taken.
whether it can be considered for deduction under the head Interest on Housing loan.
regards
pankaj
05 March 2013
80C will be available on loan repayment
for interest it will be allowed in 5 equal installments from ther year when construction is complete 24(b)
for interest it will be allowed in 5 equal installments from ther year when construction is complete 24(b)
05 March 2013
hello,
thanks sir for your reply i further had a query on the same issue.
1. Whether the principal amount can be claimed in the same financial year u/s 80C or it would be also differ.
2. The interest Component would be in addition to the next year instalment of interest.
e.g. interest paid in 2012-13 - Rs. 220581/-
principal - Rs. 32382/-
Whether the Princpal Amount can be claimed as deduction in the A.Y. 2013-2014
and the Interest which would be roughly equated in Rs. 30000/- eligible in A.Y. 2014-15, 15-16,16-17,17-18,18-19.
Can I get the notification for claiming principal deduction under 80C while the property is under construction.
regards
pankaj
thanks sir for your reply i further had a query on the same issue.
1. Whether the principal amount can be claimed in the same financial year u/s 80C or it would be also differ.
2. The interest Component would be in addition to the next year instalment of interest.
e.g. interest paid in 2012-13 - Rs. 220581/-
principal - Rs. 32382/-
Whether the Princpal Amount can be claimed as deduction in the A.Y. 2013-2014
and the Interest which would be roughly equated in Rs. 30000/- eligible in A.Y. 2014-15, 15-16,16-17,17-18,18-19.
Can I get the notification for claiming principal deduction under 80C while the property is under construction.
regards
pankaj
05 March 2013
Principal amount on repayment of housing loan can be claimed in the same financial year.
But pre-construction period interest can be claimed in equal 5 installments from the year of end of construction.
But pre-construction period interest can be claimed in equal 5 installments from the year of end of construction.
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