If the Housing loan is taken over by other bank, the principal paid to that new bank is deductable u/s 80(C) or not?
MD Jain
(XBRL Specialist)
(100 Points)
Replied 19 July 2010
| Originally posted by : arunjunai | ||
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If the Housing loan is taken over by other bank, the principal paid to that new bank is deductable u/s 80(C) or not? |
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Yes, the housing loan taken over by new Bank is deductible under sec 80(C) of income tax act.
m.s.nageswararao
(proprietor)
(75 Points)
Replied 19 July 2010
Interest on Housing loan for construction/purchase is deductible. Therefore interest debited by both Bank can be taken into account . Only the principle amount paid is eligible under Sec80C
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