Assessee has repaid housing loan of Rs. 10,00,000/- in f.y. 2012-13 by selling the concerned house.
whether Rs. 10,00,000/- is deductible u/s 80c?
ANSHUL AGARWAL
(STUDENT)
(141 Points)
Replied 11 July 2013
No
80C has a ceiling limit of Rs. 1,00,000/- only.
Whatever may be the conditions
Akshata
(CA Final )
(324 Points)
Replied 12 July 2013
only principle part of the loan shall be allowed in 80c and its limit is 1lac..
Revanth
(Job)
(145 Points)
Replied 12 July 2013
Yes, the limit of SEc 80C is only upto Rs.1,00,000/-
Bhav Bhuti Sharma
(Towards Professionalism )
(823 Points)
Replied 12 July 2013
100000 limit yet not govt allowed 10,00,000
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 13 July 2013
agree with all - its restricted to 100000
Asgarali Attarwala
(Advocate)
(49 Points)
Replied 14 July 2013
Dear Freinds
This 100000/- payment which the assessee has made in the year 2012-13 may also would cover the interest portion along with the principal, and so along with the principal of Rs. 100000/- that is allowed under 80C you are also eligbale for interest paid under section 24.
So it is not only 100000/- under 80C that is allowed, but 100000/- under 80C + interest under 24 that you have to consider out of the 1000000/- paid when filing your return.
I hope every one agrees with me and correct me if i am wrong.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
