Deduction under income tax provision???

HI,

WHETHER SIMPLE INTEREST PAID ON      PREPAYMENT OF HOUSING LOAN & ALSO THE PRINCIPAL  AMT PAID IS

ELIGIBLE FOR DEDUCTION UNDER THE PROVISIONS OF THE INCOME TAX ACT,1961??(LET OUT PROPERTY)

what if  the property is a SOP/DLOP??

 

hope  i will  get a response soon...............

thx

Replies (6)
yes, interest amt paid on loan shal be allowed under it act. bt i cldnt understand wat is sop/dlop.

Self Occupied Property

Deemed Let Out Property 

 

sec 24b is applicable to interest of loans taken for all types of house property,

yes you can claim interest u/s 24b in income from house property and you can take deduction u/s 80c of principle payment upto Rs 100000 (including 80c, 80ccd etc)

AGREE WITH ABOVE

In both cases, self occupied or let out property, Principal repayment can be claimed as deduction u/s 80C subject to a maximum of Rs 100000

However for interest following provision has to be observed

Self occupied- Maximum deduction of Rs 150000 ( If the loan is taken for construction or acquisition) and Rs 30000 ( If the loan is taken for Repairs or renewl)

Let out Property- The entire interest amount can be claimed as deduction.

Originally posted by : Siddharth Bumb

yes you can claim interest u/s 24b in income from house property and you can take deduction u/s 80c of principle payment upto100000 (including 80c, 80ccd etc)

agree...

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