Deduction under 80

Dear Vijay

FIRST OF ALL TELL ME THAT U HAVE GOT THE POSSESSION OF THE PROPERTY OR NOT?

Repayment of principal amount is allowed as deduction under Section 80C (interest not included).

If the repayment of principal is =or>1,00,000 then no need fr any further investment for claiming deduction.

Interest deduction on housing loan under section 24(b), on the other hand, is allowed only on acquisition or completion of the house property.

However, interest deduction for pre-acquisition or pre-construction period is also allowed but only after acquisition or construction is complete. It is allowed in 5 equal annual installments. But even after including the above, the total deduction should not exceed Rs. 1.5 lakh per annum.  

Views of other members solicited.

Mr. Vijay

Please be more clear.....