80c benifit from principal payment in sbi maxgain


Prashant (abc)     03 February 2015

Prashant
abc 
 61 points

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Hello,

I have to give the investment proofs for FY 2014-15 to my company. My 80C slab is not filled upto the limit. I am thinking to pay some amount as principal in my SBI maxgain & show it in 80C to take the benifit for tax exemption.

I want to know whether I can take the tax exemption on th eamount paid as principal in my SBI maxgain homeloan account.

Thanks.

avater

Saurabh Maheshwari (B.com,ACA)     03 February 2015

Saurabh Maheshwari
B.com ACA 
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Yes, repayment of principal amount of housing loan is deductible u/s 80C upto Rs. 1.50 lacs.

Futher,the housing loan interst can be claimed as deduction u/s 24 from House Property income upto Rs. 2 lacs and, if any, excess interest over & above   Rs. 2lacs can be claimed as deduction u/s 80EE.

Regards,

CA Saurabh Maheshwari.

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manoj (student)     04 February 2015

manoj
student 
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Ya agree with saurabh

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Vishal Goel (Chartered Accountant)     06 February 2015

Vishal Goel
Chartered Accountant 
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Agreee with saurabh
Yes, repayment of principal amount of housing loan is deductible u/s 80C upto Rs. 1.50 lacs.

 


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