Hi All,
i am having a doubt regarding Interest on house property and Laon repayment under Self occupied is Plot is considered as House and we can calim deduction for the same....
prabhakar ch (final) (42 Points)
14 March 2016Hi All,
i am having a doubt regarding Interest on house property and Laon repayment under Self occupied is Plot is considered as House and we can calim deduction for the same....
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 15 March 2016
Hello,
Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act. The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs.
The amount paid as Repayment of Principal Amount of Home Loan by an Individual/HUF is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C is Rs. 1,50,000.
prabhakar ch
(final)
(42 Points)
Replied 16 March 2016
Thanks for the reply,
actually my query is whether plot is considered as House property to get the deduction under 80C
Varun Sharma
(Proprietor-Sharma Varun & Co.)
(244 Points)
Replied 16 March 2016
Sec 24(b) of Income Tax Act, clearly say that you can take benifit for construction or purchase of house only.
Buying of plot of land doesn't satisfy the condition, hence cannot claim deduction.
prabhakar ch
(final)
(42 Points)
Replied 16 March 2016
thanks for your reply .
plot in the sense apratment, your answer remain same if it is apartment( plot).
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