Hi friends
I've a query relating to 80C deductions. My question is as follows.
Suppose i borrow a housing loan of Rs.5lacs and i've got to repay it over a period of 10 years (120 installments). I've paid 12 installments. Now if i repay the entire loan amount (say 4lacs), whether shall i claim exemption for the entire amount as deduction. What is the provision contained in the Income Tax act. I'm aware of the fact that only upto Rs.1 lac can be claimed as exemption. But this being a special circumsatnce i got this query. Kindly Clarify.
CAclubindia
