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80C Claim

ANIL KUMAR KHETAN (PROPRIETOR) (542 Points)

16 October 2018

home loan from bank, construction is not complete as on 31-03-2018. Repayment to home loan liable to 80c deduction. urgently reply required. please reply.

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4 Replies

CA Rakesh Joshi (Chartered Accountant ) (1272 Points)
Replied 16 October 2018

Principal repayment of home loan can be claimed under 80C.

Interest repayment is also allowed u/s 24.

Preconstruction Interest can be claimed u/s 24 only after the completion in equal instalments in next 5 years after the completion.

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ANIL KUMAR KHETAN (PROPRIETOR) (542 Points)
Replied 16 October 2018

My question is house is not construction fy 2017-18,so deemed income not chargeable under house property income, main condition under section 80c icome liable under house property income. So my view I am not liable under section 80c, I am right or not, Please advice

CA Rakesh Joshi (Chartered Accountant ) (1272 Points)
Replied 16 October 2018

Yes. The principal repayment can be claimed u/s 80C only after the completion of construction since the under construction property cannot be chargeable to tax under the head "Income from House Property".

VAIBHAV CHATURVEDI (CA ARTICLE) (143 Points)
Replied 16 October 2018

no deduction unless house is constructed.. go for 80GG if u are not receiving HRA and paying rent for any other property in which u r living at Present