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Deduction u/s 80C
Repayment of interest and principle of housing loan are eligible of deduction u/s 80c. when???
Replies (14)
principal is eligible for Deduction u/s 80C
For interest you can claim loss under house property
For interest you can claim loss under house property
if we take loan for 15 years and principal and interest payment are made by me for 15 years so we can claim deduction for all the 15 years or less or how much amount??
you can claim Deduction for the current year and not of the previous year.
kindly refer https://cleartax.in/s/house-property
kindly refer https://cleartax.in/s/house-property
principal is eligible for Deduction u/s 80C
For interest you can claim loss under house property upto 200000
For interest you can claim loss under house property upto 200000
I m not clear from above reply. please evaluate the same for further clearance.
Interest u can claim only 200000 in a year
Are you paying the 15 years principal & Interest in a single year or it is spread over 15 years?
spread over 15 years
Than claim Deduction each year,
kindly ask the bank to provide bifurcation between interest & principal repayment during each FY at each year end
kindly ask the bank to provide bifurcation between interest & principal repayment during each FY at each year end
Ok Thanks Ashiwini ji
Most Welcome Lokesh Ji
claim principal repayment under 80c and interest amount (up to 200000 for self occupied property) and unlimited for let out property under 24(b)
You can claim deduction of principal payment of housing loan under section 80C up to Rs. 1,50,000.00
You can't claim deduction of interest payment of housing loan under section 80C, However you can claim deduction of interest payment of housing loan under section 24(b) up to Rs. 2,00,000.00 if self occupied property, if rented property no limit
You can't claim deduction of interest payment of housing loan under section 80C, However you can claim deduction of interest payment of housing loan under section 24(b) up to Rs. 2,00,000.00 if self occupied property, if rented property no limit
Repayment of Principal Amount of a loan is deductible under Section 80C only for residential purpose and not for commercial purpose. The deduction available under Section 80C, 80CCC and Sub Section (1) of section 80CCD shall not, in any case, exceed one lakh and fifty thousand rupees.
Whereas,
To claim the Rs. 2 lakhs rebate on Interest on Home loan;
a. The home loan must be for purchase and construction of a new property b. The loan must be taken on or after 1 April 1999 c. The purchase or construction must be completed within 3 years from the end of the financial year in which the loan was taken.
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