If we repay housing loan amount before dues, (Eg. as on date balance is Rs. 1.30 L which we have to pay in next 6 years, but close today by paying 1.30 L) can we claim this principle amount u/s 80C
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Housing loan
Replies (3)
Yes, as per sec. 80C the prepayment of housing Loan is also allowed as dedcution for the assessment relevant to the previous year in which you have made prepayment (i.e. forclosure of loan). However, the maximum deduction is limited to Rs .1 lac only which is sec. 80C max. limit.
Therefore, In your case Rs. 30 thousand wil not be allowed as deduction u/s 80C.
Thanks.
yes it should be allowed
agree with above
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