Dear CCI friends,
HBA-House Building Advance is claimed deduction u/s 80C .Why cannot we claim deduction of this amount of HBA u/s 24? As in sec 24 we claim deduction for the interest on housing loan,then HBA can be deducted here itself ,why in 80C? Please clarify my query soon.
Thanks in advance.
Hi
S/80 C allows for deduction made in relation to Ptchase / Contruction of home, so HBA is one sort of payment made toeards P/C of house so deduction is allowed.
However u.s 24(b) deduction is allowed w.r.t. intersest payment on loan taken for P/C of house & also this is allowed only if contruction is completed.
Thx
CAclubindia
