Hba-deduction?

Tax queries 1541 views 1 replies

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.

 

 

Replies (1)

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


CCI Pro

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