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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House Property U/s 80C
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| 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.
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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