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?
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?
| Originally posted by : arunjunai | ||
 |
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? |
 |
Yes, the housing loan taken over by new Bank is deductible under sec 80(C) of income tax act.
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
T R SOOD & CO
New Delhi
CA Inter
View Details
SSGS and Associates
Chennai
CA Inter
View Details
SMJ global advisors pvt ltd
New Delhi
B.Com
View Details
CAclubindia
