Home loan repayment deduction

Radhey Shyam Jha (Student) (1567 Points)
Replied 29 March 2019

Deduction u/s 80C - Principal Payment = 1,50,000

Deduction u/s 24 - Interest Portion

1 Like

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 30 March 2019

both you and your wife can claim rs. 150000 each under 80C and 200000 each (if it's sop) under 24(b) , entire interest portion subject to the limit of rs. 200000 each (if it's lop) which is allowed to be carried forward to next year

SANJAY PARMAR (FIN CONTROLLER) (30 Points)
Replied 30 March 2019

Originally posted by : RAMAKRISHNAN R

both you and your wife can claim rs. 150000 each under 80C and 200000 each (if it's sop) under 24(b) , entire interest portion subject to the limit of rs. 200000 each (if it's lop) which is allowed to be carried forward to next year

Dear sir, I have transfer my loan in september-2018. At that time total amount outstanding was 23 lakh. Now SBI gave me check of 23 lakh and I paid the loan. Now I got interest certificate from Axis bank for 2018-2019. It includes principal repayment of Rs. 24,12,500/- (which includes 23 lakh paid by SBI and and 1,12,500 paid by me as a part of EMI from April-2018 till I close the loan in September). Now how much principal repayment I can claim U/s 80C. Rs. 1,12,500 which I have paid or Rs. 1,50,000. Please advise.

SANJAY PARMAR (FIN CONTROLLER) (30 Points)
Replied 30 March 2019

Dear sir, I have transfer my loan in september-2018. At that time total amount outstanding was 23 lakh. Now SBI gave me check of 23 lakh and I paid the loan. Now I got interest certificate from Axis bank for 2018-2019. It includes principal repayment of Rs. 24,12,500/- (which includes 23 lakh paid by SBI and and 1,12,500 paid by me as a part of EMI from April-2018 till I close the loan in September). Now how much principal repayment I can claim U/s 80C. Rs. 1,12,500 which I have paid or Rs. 1,50,000. Please advise.

SANJAY PARMAR (FIN CONTROLLER) (30 Points)
Replied 30 March 2019

Dear sir, I have transfer my loan in september-2018. At that time total amount outstanding was 23 lakh. Now SBI gave me check of 23 lakh and I paid the loan. Now I got interest certificate from Axis bank for 2018-2019. It includes principal repayment of Rs. 24,12,500/- (which includes 23 lakh paid by SBI and and 1,12,500 paid by me as a part of EMI from April-2018 till I close the loan in September). Now how much principal repayment I can claim U/s 80C. Rs. 1,12,500 which I have paid or Rs. 1,50,000. Please advise.

Jatin (Accountant) (3479 Points)
Replied 30 March 2019

You can claim deduction of principal amount of repayment of loan, actually paid by you (Maximum 1,50,000.00)

Calculate on basis of EMI paid by you, not consider SBI Cheque of Rs. 23 Lac