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80 C Deduction
Whether assessee eligible to claim deduction under 80C If he is paying principal amount of housing loan before the construction?
Replies (5)
Conditions to claim this deduction
To qualify for this deduction:
- The home loan must be for purchase or construction of a new house property.
- The property must not be sold in five years from the time you took possession. Doing so will add back the deduction to your income again in the year you sell.
YES, U CAN CLAIM
if paying during the construction period ( not interest-- principal)
| Originally posted by : NAVEEN CHAND | ||
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Conditions to claim this deduction To qualify for this deduction: The home loan must be for purchase or construction of a new house property. The property must not be sold in five years from the time you took possession. Doing so will add back the deduction to your income again in the year you sell. YES, U CAN CLAIM |
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The home loan deduction can only be claimed from F.Y in which construction is completed. So, you can't claim deduction during the construction period.
Correct me Naveen, If i am wrong.
from many of sites I found that assessee is eligible to claim interest
but not principal during construction period.
is that right?
but not principal during construction period.
is that right?
Interest during the pre construction period can be claimed as deduction over a period of 5 years in equal annual installmets commencing from the year of acquisition or completion of construction.
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