Menu
Deduction u/s 80C
For interest you can claim loss under house property
kindly refer https://cleartax.in/s/house-property
For interest you can claim loss under house property upto 200000
kindly ask the bank to provide bifurcation between interest & principal repayment during each FY at each year end
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.
Recent Threads
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
- Gift of money to my wife.
- Tax Audit If you show Loss
- GST Tax invoice Value Rs..234000
- Can I claim benefit under 54F if I sell my equity
- Income tax refund 25/26
- Who is responsible for paying GST Liability (If th
- Excess Payment on RCM
- AOC4 auto population of previous year data
Related Threads
CAclubindia
