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80C Claim

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PROPRIETOR
552 Points Posted on 16 October 2018
home loan from bank, construction is not complete as on 31-03-2018. Repayment to home loan liable to 80c deduction. urgently reply required. please reply.
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On 16 October 2018 at 12:03 Report
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Chartered Accountant
1272 Points Posted on 16 October 2018
Principal repayment of home loan can be claimed under 80C.

Interest repayment is also allowed u/s 24.

Preconstruction Interest can be claimed u/s 24 only after the completion in equal instalments in next 5 years after the completion.
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On 16 October 2018 at 12:30
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PROPRIETOR
552 Points Posted on 16 October 2018
My question is house is not construction fy 2017-18,so deemed income not chargeable under house property income, main condition under section 80c icome liable under house property income. So my view I am not liable under section 80c, I am right or not, Please advice
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On 16 October 2018 at 12:53
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Chartered Accountant
1272 Points Posted on 16 October 2018

Yes. The principal repayment can be claimed u/s 80C only after the completion of construction since the under construction property cannot be chargeable to tax under the head "Income from House Property".

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On 16 October 2018 at 15:02
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CA ARTICLE
143 Points Posted on 16 October 2018
no deduction unless house is constructed.. go for 80GG if u are not receiving HRA and paying rent for any other property in which u r living at Present
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On 16 October 2018 at 17:01


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