80c repayment of housing loan

Tax queries 1180 views 7 replies

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? 

Replies (7)

No

80C has a ceiling limit of Rs. 1,00,000/- only.

Whatever may be the conditions

yes only 1,00,000/- and not 10,00,000/-

only principle part of the loan shall be allowed in 80c and its limit is 1lac..

Yes, the limit of SEc 80C is only upto Rs.1,00,000/- 

100000 limit yet not govt allowed 10,00,000

agree with all - its restricted to 100000

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.

 

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?

Read more at: /forum/80c-repayment-of-housing-loan-256281.asp?utm_source=newsletter&utm_medium=email&utm_content=forum&utm_campaign=nl_28_2013
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?

Read more at: /forum/80c-repayment-of-housing-loan-256281.asp?utm_source=newsletter&utm_medium=email&utm_content=forum&utm_campaign=nl_28_2013:


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