Dear Tax Experts,
I have 2 queries regarding tax exemptions under 80c:
1) I have a home loan and paying EMIs for an under construction Flat in Delhi NCR. Can I declare the repayment of Principal Amount towards tax ememption?
2) My mother bought NSC in the name of my child, but kept herself as nominee (bad choice though). Can I declare these NSC amount towards tax exemption in 80c on my name?
Thanks
Susheel
Until and unless you pay u cant claim deduction under 80 C . Principal portion you can claim deduction under 80 C
Tax benefit of home loan under section 80 C for repayment of principal part of the home loan is allowed only after the construction is complete and the completion certificate has been awarded. So u can't claim deduction.
Hello,
NSC also not allowed as deduction to you u/s 80C.
Hi,
You cannot claim Principal of House Loan for the House WHICH IS UNDER CONSTRUCTION .
Once House finished you claim these as 'Prior Period Instalments'
NSC (VIII) Or NSC (IX) issus is eligible under 80C
Refer the section analysis of Section 80C In https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-80C
CAclubindia
