IS REPAYMENT OF LOAN RAISED ON LET OUT HOUSE PROPERTY ELIGIBLE FOR DEDUCTION U/S. 80C?
VIJAYKUMAR
(CHARTERED ACCOUNTANT)
(203 Points)
Replied 25 July 2011
Yes the Principal Component of loan is eligible for deduction.
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 25 July 2011
yes, u can claim the deduction u/s 80c
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amit jain
(Chartered Accountant)
(532 Points)
Replied 25 July 2011
Shah Tarun
(Student)
(800 Points)
Replied 25 July 2011
Souvik Kumar Ghosh
(CA Final)
(1368 Points)
Replied 25 July 2011
| The principal component of loan amount repaid is eligible us 80c and interest under house property. |
M. N. JHA
(CA)
(8316 Points)
Replied 25 July 2011
| Originally posted by : Shah Tarun | ||
 |
Yes,To claim deduction u/s 80C,Ownership is pre-condition,It does not matter whether it is Self Occupied or Let Out.. |
 |
Srihari Manipatruni
(student)
(147 Points)
Replied 26 July 2011
Yes the Principal Component of loan can be claimed as deduction..
Pawan
(Manager)
(22 Points)
Replied 26 July 2011
Hi,
I wanted to know I'm filing the ITR 1 for myself. I've taken a home loan where do i put in the repayment & the interest component as the form doesnt give Sec 24. What should i do. In 80C i'm putting my LIC premium, ULIP,PF & Repayment of principal component of my homeloan.
What about the interest component how should i put it in the form??
Yash Sharma
(CA - FINAL)
(138 Points)
Replied 26 July 2011
yes , principal amount repaid can be claim upto Rs.1 lakh u/s 80 C and interest in case of let out can be claimed to any amount ( limit of Rs. 1.5 lakh ) is not applicable .
Yash Sharma
(CA - FINAL)
(138 Points)
Replied 26 July 2011
payment of interest can be claimed in column of house property by entering amount with minus sign
CAclubindia
